Brokerages Set Cytek Biosciences, Inc. (NASDAQ:CTKB) Price Target at $5.30

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been given an average rating of “Hold” by the seven ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $5.30.

A number of equities analysts have commented on CTKB shares. Zacks Research downgraded Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Piper Sandler lowered their price objective on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cytek Biosciences in a research note on Wednesday, October 8th. Finally, Morgan Stanley assumed coverage on shares of Cytek Biosciences in a research report on Monday, December 1st. They set an “equal weight” rating and a $6.00 price target for the company.

Cytek Biosciences Price Performance

NASDAQ CTKB opened at $5.04 on Wednesday. The company has a market capitalization of $644.41 million, a price-to-earnings ratio of -50.39 and a beta of 1.29. Cytek Biosciences has a 12 month low of $2.37 and a 12 month high of $7.30. The company’s fifty day moving average price is $4.78 and its two-hundred day moving average price is $4.07.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Tuesday, November 28th. The company reported $0.04 EPS for the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. The firm had revenue of $40.48 million during the quarter. As a group, analysts anticipate that Cytek Biosciences will post -0.06 EPS for the current year.

Hedge Funds Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in CTKB. Tudor Investment Corp ET AL acquired a new stake in Cytek Biosciences in the 3rd quarter valued at approximately $867,000. CIBC Bancorp USA Inc. acquired a new position in shares of Cytek Biosciences during the third quarter valued at $43,000. Public Employees Retirement System of Ohio raised its stake in shares of Cytek Biosciences by 17.7% during the third quarter. Public Employees Retirement System of Ohio now owns 81,106 shares of the company’s stock valued at $281,000 after purchasing an additional 12,200 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Cytek Biosciences in the third quarter worth about $75,000. Finally, Millennium Management LLC lifted its holdings in Cytek Biosciences by 269.6% in the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after purchasing an additional 2,493,610 shares during the period. 69.46% of the stock is currently owned by institutional investors and hedge funds.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.