Cytek Biosciences (NASDAQ:CTKB) Trading Up 19.3% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price rose 19.3% during mid-day trading on Thursday . The stock traded as high as $4.91 and last traded at $4.7850. Approximately 469,096 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 967,062 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CTKB shares. Zacks Research lowered shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Weiss Ratings reissued 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 assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Cytek Biosciences currently has a consensus rating of “Hold” and an average target price of $5.60.

Cytek Biosciences Stock Up 13.1%

The business’s fifty day moving average is $3.92 and its 200 day moving average is $3.60. The firm has a market capitalization of $576.94 million, a price-to-earnings ratio of -90.70 and a beta of 1.33.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CTKB. Wealth Enhancement Advisory Services LLC bought a new position in shares of Cytek Biosciences in the 1st quarter valued at $63,000. New York State Teachers Retirement System grew its position in Cytek Biosciences by 6.8% during the 1st quarter. New York State Teachers Retirement System now owns 48,463 shares of the company’s stock worth $194,000 after acquiring an additional 3,100 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Cytek Biosciences during the 1st quarter worth $2,841,000. Principal Financial Group Inc. grew its position in Cytek Biosciences by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 520,743 shares of the company’s stock worth $2,088,000 after acquiring an additional 13,818 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Cytek Biosciences during the 1st quarter worth $1,223,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Company Profile

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.