Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Average Recommendation of “Hold” from Analysts

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been given an average recommendation of “Hold” by the six analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $5.6875.

CTKB has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Morgan Stanley lowered their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Tuesday, May 12th. Finally, Stephens reduced their price objective on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research report on Wednesday, May 13th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its stake in Cytek Biosciences by 86.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after buying an additional 2,388 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Cytek Biosciences by 99.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after buying an additional 2,500 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of Cytek Biosciences by 6.7% during the 4th quarter. Intech Investment Management LLC now owns 51,740 shares of the company’s stock worth $261,000 after acquiring an additional 3,242 shares during the period. Deutsche Bank AG boosted its position in shares of Cytek Biosciences by 4.6% during the 4th quarter. Deutsche Bank AG now owns 93,139 shares of the company’s stock valued at $470,000 after acquiring an additional 4,119 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Cytek Biosciences by 150.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after acquiring an additional 4,343 shares in the last quarter. 69.46% of the stock is owned by institutional investors.

Cytek Biosciences Trading Down 1.8%

CTKB opened at $4.38 on Thursday. The business has a 50 day moving average of $4.29 and a 200-day moving average of $4.47. The stock has a market capitalization of $565.63 million, a price-to-earnings ratio of -7.68 and a beta of 1.17. Cytek Biosciences has a 1-year low of $3.28 and a 1-year high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The company had revenue of $44.13 million for the quarter, compared to analyst estimates of $44.23 million. Equities analysts predict that Cytek Biosciences will post -0.21 EPS for the current year.

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.