Cytek Biosciences (NASDAQ:CTKB) Price Target Raised to $5.00 at TD Cowen

Cytek Biosciences (NASDAQ:CTKB) had its price objective boosted by investment analysts at TD Cowen from $4.00 to $5.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price would indicate a potential downside of 7.66% from the company’s current price.

A number of other equities analysts have also commented on the company. Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research note on Thursday. Morgan Stanley started coverage on shares of Cytek Biosciences in a research report on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday, December 29th. Zacks Research cut shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, Piper Sandler reduced their target price on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cytek Biosciences presently has an average rating of “Hold” and an average target price of $5.50.

Cytek Biosciences Stock Performance

Shares of Cytek Biosciences stock traded down $0.09 during trading on Thursday, hitting $5.42. 197,113 shares of the stock traded hands, compared to its average volume of 718,755. The company has a fifty day moving average price of $5.01 and a two-hundred day moving average price of $4.21. Cytek Biosciences has a twelve month low of $2.37 and a twelve month high of $7.30. The stock has a market cap of $692.36 million, a P/E ratio of -54.14 and a beta of 1.30.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share (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. On average, equities research analysts expect that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Topline Capital Management LLC lifted its position in Cytek Biosciences by 255.7% during the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after buying an additional 3,760,485 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Cytek Biosciences in the third quarter valued at about $8,817,000. Millennium Management LLC raised its holdings in Cytek Biosciences by 269.6% during the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after acquiring an additional 2,493,610 shares in the last quarter. AQR Capital Management LLC boosted its position in Cytek Biosciences by 89.6% during the second quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company’s stock valued at $4,211,000 after purchasing an additional 585,116 shares during the last quarter. Finally, Royce & Associates LP grew its stake in Cytek Biosciences by 26.9% in the third quarter. Royce & Associates LP now owns 1,763,262 shares of the company’s stock valued at $6,119,000 after purchasing an additional 373,456 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Company Profile

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.