Brokerages Set Cytek Biosciences, Inc. (NASDAQ:CTKB) Target Price at $5.69

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

Several research firms have recently commented on CTKB. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Stephens lowered their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Finally, Morgan Stanley cut their price objective on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th.

Cytek Biosciences Stock Performance

NASDAQ CTKB opened at $4.59 on Friday. Cytek Biosciences has a one year low of $3.09 and a one year high of $6.18. The company has a market capitalization of $592.75 million, a price-to-earnings ratio of -8.05 and a beta of 1.17. The company’s 50-day simple moving average is $4.17 and its two-hundred day simple moving average is $4.53.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.07). The business had revenue of $44.13 million during the quarter, compared to analysts’ expectations of $44.23 million. Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%. Equities analysts expect that Cytek Biosciences will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CTKB. Boston Partners boosted its holdings in Cytek Biosciences by 13,369.4% in the fourth quarter. Boston Partners now owns 5,008,309 shares of the company’s stock worth $25,297,000 after acquiring an additional 4,971,126 shares in the last quarter. Topline Capital Management LLC boosted its stake in Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after purchasing an additional 3,760,485 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Cytek Biosciences during the 3rd quarter worth approximately $8,817,000. Millennium Management LLC grew its position in Cytek Biosciences by 269.6% during the 3rd 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 last quarter. Finally, Russell Investments Group Ltd. increased its stake in Cytek Biosciences by 527.6% during the 4th quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company’s stock valued at $5,056,000 after purchasing an additional 841,614 shares in the last quarter. 69.46% of the stock is 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.