Cytek Biosciences (NASDAQ:CTKB) Downgraded to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Cytek Biosciences (NASDAQ:CTKB) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Cytek Biosciences in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.60.

Cytek Biosciences Price Performance

CTKB opened at $4.01 on Tuesday. The company has a market capitalization of $510.15 million, a price-to-earnings ratio of -80.20 and a beta of 1.33. Cytek Biosciences has a 1-year low of $2.37 and a 1-year high of $7.63. The business has a 50 day moving average price of $3.92 and a two-hundred day moving average price of $3.60.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Tuesday, November 28th. The company reported $0.04 EPS for the quarter. Cytek Biosciences had a negative return on equity of 1.66% and a negative net margin of 3.27%.The company had revenue of $40.48 million during the quarter. Equities analysts expect that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

Institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. increased its stake in shares of Cytek Biosciences by 150.9% in the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after purchasing an additional 4,343 shares during the period. Brooklyn Investment Group increased its stake in shares of Cytek Biosciences by 992,200.0% in the first quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock worth $40,000 after purchasing an additional 9,922 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of Cytek Biosciences in the second quarter worth about $42,000. US Bancorp DE increased its stake in shares of Cytek Biosciences by 9,698.2% in the first quarter. US Bancorp DE now owns 10,680 shares of the company’s stock worth $43,000 after purchasing an additional 10,571 shares during the period. Finally, Captrust Financial Advisors bought a new position in shares of Cytek Biosciences in the second quarter worth about $43,000. 69.46% of the stock is currently owned by institutional investors.

About Cytek Biosciences

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.