Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 5.3% – Time to Buy?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) rose 5.3% during trading on Tuesday . The stock traded as high as $4.05 and last traded at $4.0660. Approximately 214,747 shares changed hands during trading, a decline of 79% from the average session volume of 1,034,705 shares. The stock had previously closed at $3.86.

Analysts Set New Price Targets

Several brokerages recently issued reports on CTKB. Stephens reduced their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Morgan Stanley reduced their target price 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $5.69.

Cytek Biosciences Price Performance

The firm has a 50 day moving average price of $4.19 and a 200-day moving average price of $4.57. The firm has a market cap of $521.08 million, a price-to-earnings ratio of -7.08 and a beta of 1.19.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The firm had revenue of $44.13 million during the quarter, compared to analyst estimates of $44.23 million. Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%. On average, sell-side analysts expect that Cytek Biosciences, Inc. will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CTKB. Bank of America Corp DE raised its position in shares of Cytek Biosciences by 17.9% during the 1st quarter. Bank of America Corp DE now owns 1,009,054 shares of the company’s stock valued at $4,410,000 after acquiring an additional 152,893 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Cytek Biosciences by 72.7% during the first quarter. Quantinno Capital Management LP now owns 51,212 shares of the company’s stock worth $224,000 after purchasing an additional 21,564 shares during the period. Dimensional Fund Advisors LP increased its holdings in Cytek Biosciences by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock valued at $11,638,000 after purchasing an additional 16,438 shares during the last quarter. Illinois Municipal Retirement Fund bought a new stake in Cytek Biosciences in the first quarter valued at about $266,000. Finally, Fifth Third Bancorp lifted its stake in Cytek Biosciences by 2,631.2% in the first quarter. Fifth Third Bancorp now owns 24,909 shares of the company’s stock valued at $109,000 after buying an additional 23,997 shares during the period. 69.46% of the stock is owned by 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.