Cytek Biosciences (NASDAQ:CTKB) Shares Up 8.2% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares were up 8.2% during trading on Monday . The stock traded as high as $6.04 and last traded at $5.8950. Approximately 312,110 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 714,057 shares. The stock had previously closed at $5.45.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CTKB. Zacks Research downgraded Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Morgan Stanley initiated coverage on Cytek Biosciences in a report on Monday, December 1st. They set an “equal weight” rating and a $6.00 price objective on the stock. TD Cowen lifted their target price on Cytek Biosciences from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday. Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research report on Thursday. Finally, Piper Sandler cut 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 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 MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.50.

Cytek Biosciences Stock Up 6.4%

The company has a market capitalization of $741.59 million, a PE ratio of -57.99 and a beta of 1.30. The firm’s 50-day moving average is $5.07 and its 200-day moving average is $4.25.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CTKB. Bank of Montreal Can boosted its position in Cytek Biosciences by 110.7% during the 2nd quarter. Bank of Montreal Can now owns 33,072 shares of the company’s stock valued at $112,000 after acquiring an additional 17,379 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Cytek Biosciences in the 2nd quarter worth about $48,000. Public Employees Retirement System of Ohio lifted its position in Cytek Biosciences by 448.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 68,906 shares of the company’s stock valued at $234,000 after acquiring an additional 56,333 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Cytek Biosciences by 97.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 31,067 shares of the company’s stock worth $117,000 after purchasing an additional 15,351 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Cytek Biosciences by 331.8% during the second quarter. PNC Financial Services Group Inc. now owns 16,478 shares of the company’s stock valued at $56,000 after purchasing an additional 12,662 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.