Cytek Biosciences (NASDAQ:CTKB) Shares Up 5.3% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB) was up 5.3% on Friday. The company traded as high as $5.75 and last traded at $5.8120. 478,633 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 1,091,524 shares. The stock had previously closed at $5.52.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CTKB shares. Wall Street Zen upgraded Cytek Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, September 21st. Stephens raised their target price on shares of Cytek Biosciences from $6.00 to $7.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Morgan Stanley set a $5.00 target price on shares of Cytek Biosciences in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cytek Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.67.

Cytek Biosciences Stock Up 5.7%

The firm has a market capitalization of $763.10 million, a P/E ratio of -9.26 and a beta of 1.15. The business’s 50-day simple moving average is $5.48 and its 200 day simple moving average is $4.68.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Cytek Biosciences had a negative net margin of 39.10% and a negative return on equity of 13.13%. The firm had revenue of $53.23 million during the quarter, compared to analyst estimates of $53.05 million. Sell-side analysts predict that Cytek Biosciences, Inc. will post -0.36 earnings per share for the current year.

Institutional Trading of Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in CTKB. BlackRock Inc. purchased a new stake in Cytek Biosciences during the second quarter valued at about $42,433,000. Hhlr Advisors LTD. bought a new position in shares of Cytek Biosciences during the second quarter valued at about $29,491,000. Bank of America Corp DE purchased a new position in shares of Cytek Biosciences in the second quarter worth about $5,827,000. Russell Investments Group Ltd. increased its holdings in shares of Cytek Biosciences by 60.7% in the third quarter. Russell Investments Group Ltd. now owns 2,428,747 shares of the company’s stock worth $14,475,000 after buying an additional 917,432 shares during the period. Finally, Susquehanna International Group LLP lifted its stake in shares of 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 during the last quarter. 69.46% of the stock is owned by institutional investors.

Cytek Biosciences Company Profile

Cytek Biosciences develops, manufactures and sells cell analysis instruments and related products used by researchers and clinical laboratories. Its systems use flow cytometry to analyze cells and other particles, supporting work in areas such as immunology, oncology and infectious disease research. The company’s product portfolio includes the Aurora and Northern Lights spectral flow cytometry systems and Amnis imaging flow cytometers. Cytek also offers reagents, software, technical support and other services that help customers prepare samples, collect and interpret data, and maintain their instruments.