Cytek Biosciences (NASDAQ:CTKB) Trading 8.5% Higher – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares rose 8.5% during trading on Monday . The company traded as high as $4.52 and last traded at $4.5550. 601,077 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 1,023,583 shares. The stock had previously closed at $4.20.

Analysts Set New Price Targets

A number of brokerages have recently commented on CTKB. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Morgan Stanley set a $5.00 target price on shares of Cytek Biosciences in a report on Friday. Finally, Stephens dropped their target price 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. Three equities 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. Based on data from MarketBeat.com, Cytek Biosciences currently has an average rating of “Hold” and a consensus target price of $5.56.

Cytek Biosciences Stock Performance

The stock has a market cap of $614.16 million, a price-to-earnings ratio of -7.62 and a beta of 1.17. The company’s 50 day simple moving average is $4.34 and its two-hundred day simple moving average is $4.39.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. The company had revenue of $48.14 million during the quarter, compared to analyst estimates of $47.31 million. On average, equities research analysts predict that Cytek Biosciences, Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. SBI Securities Co. Ltd. increased its position in Cytek Biosciences by 99.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock worth $25,000 after buying an additional 2,500 shares during the last quarter. Federated Hermes Inc. increased its position in Cytek Biosciences by 150.9% in the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after buying an additional 4,343 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Cytek Biosciences by 86.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after acquiring an additional 2,388 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Cytek Biosciences during the 3rd quarter worth about $43,000. Finally, Captrust Financial Advisors acquired a new position in Cytek Biosciences in the 2nd quarter valued at approximately $43,000. Institutional investors and hedge funds 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.