Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives $5.69 Average Target Price from Brokerages

Cytek Biosciences, Inc. (NASDAQ:CTKB) has been assigned a consensus rating of “Hold” from the six research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned 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 equities research analysts recently commented on CTKB shares. Stephens decreased their target price on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Morgan Stanley cut their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Friday, March 27th.

Cytek Biosciences Price Performance

NASDAQ CTKB opened at $3.96 on Wednesday. The business has a 50 day simple moving average of $4.27 and a 200 day simple moving average of $4.65. Cytek Biosciences has a one year low of $2.90 and a one year high of $6.18. The stock has a market capitalization of $511.39 million, a P/E ratio of -6.95 and a beta of 1.18.

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 return on equity of 10.07% and a negative net margin of 36.25%.The business had revenue of $44.14 million for the quarter, compared to analyst estimates of $44.23 million. Equities analysts expect that Cytek Biosciences will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTKB. AQR Capital Management LLC boosted its holdings in Cytek Biosciences by 394.4% in the first quarter. AQR Capital Management LLC now owns 653,277 shares of the company’s stock worth $2,620,000 after acquiring an additional 521,135 shares in the last quarter. Jane Street Group LLC boosted its holdings in Cytek Biosciences by 412.2% in the first quarter. Jane Street Group LLC now owns 344,169 shares of the company’s stock worth $1,380,000 after acquiring an additional 276,972 shares in the last quarter. Acadian Asset Management LLC bought a new position in Cytek Biosciences in the first quarter worth approximately $162,000. Strs Ohio bought a new position in Cytek Biosciences in the first quarter worth approximately $105,000. Finally, Creative Planning boosted its holdings in Cytek Biosciences by 455.4% in the second quarter. Creative Planning now owns 55,677 shares of the company’s stock worth $189,000 after acquiring an additional 45,652 shares in the last quarter. Institutional investors own 69.46% of the company’s stock.

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.