Cytek Biosciences (NASDAQ:CTKB) Shares Gap Up – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped up prior to trading on Friday . The stock had previously closed at $4.57, but opened at $4.99. Cytek Biosciences shares last traded at $5.0340, with a volume of 1,477,032 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CTKB shares. Zacks Research lowered Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cytek Biosciences in a research report on Wednesday, October 8th. Finally, Piper Sandler lowered their price objective on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.50.

Cytek Biosciences Stock Up 16.3%

The firm has a fifty day moving average of $3.99 and a 200 day moving average of $3.64. The stock has a market cap of $679.60 million, a PE ratio of -53.23 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Tuesday, November 28th. The company reported $0.04 earnings per share for the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. The company had revenue of $40.48 million for the quarter. On average, equities research analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CTKB. Federated Hermes Inc. increased its stake in shares of Cytek Biosciences by 150.9% during the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after acquiring an additional 4,343 shares during the period. Brooklyn Investment Group boosted its holdings in Cytek Biosciences by 992,200.0% in the 1st quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock valued at $40,000 after purchasing an additional 9,922 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in Cytek Biosciences during the 2nd quarter worth approximately $42,000. US Bancorp DE raised its stake in shares of Cytek Biosciences by 9,698.2% during the 1st quarter. US Bancorp DE now owns 10,680 shares of the company’s stock worth $43,000 after buying an additional 10,571 shares in the last quarter. Finally, Captrust Financial Advisors acquired a new stake in shares of Cytek Biosciences in the 2nd quarter valued at approximately $43,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.