Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 6.3% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price shot up 6.3% during mid-day trading on Tuesday . The stock traded as high as $5.65 and last traded at $5.6150. 508,051 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,018,099 shares. The stock had previously closed at $5.28.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CTKB shares. Morgan Stanley set a $5.00 price objective on Cytek Biosciences in a report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.56.

Cytek Biosciences Stock Up 5.8%

The firm has a fifty day simple moving average of $4.63 and a 200-day simple moving average of $4.42. The company has a market capitalization of $725.94 million, a P/E ratio of -9.01 and a beta of 1.18.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, meeting the consensus estimate of ($0.09). Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%.The business had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $47.31 million. On average, sell-side analysts predict that Cytek Biosciences, Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its position in shares of Cytek Biosciences by 227.2% during the second quarter. Squarepoint Ops LLC now owns 82,776 shares of the company’s stock worth $367,000 after acquiring an additional 57,480 shares in the last quarter. AXQ Capital LP lifted its position in Cytek Biosciences by 43.6% in the 2nd quarter. AXQ Capital LP now owns 28,299 shares of the company’s stock valued at $125,000 after acquiring an additional 8,591 shares in the last quarter. Susquehanna International Group LLP lifted its position in Cytek Biosciences by 1,117.1% in the 2nd quarter. Susquehanna International Group LLP now owns 681,705 shares of the company’s stock valued at $3,020,000 after acquiring an additional 625,695 shares in the last quarter. Two Sigma Securities LLC acquired a new position in Cytek Biosciences in the 2nd quarter worth $50,000. Finally, Hsbc Holdings PLC acquired a new position in Cytek Biosciences in the 2nd quarter worth $86,000. Institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc (NASDAQ: CTKB) develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek’s product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.