Cytek Biosciences (NASDAQ:CTKB) Stock Gets Price Target Bump from Stephens

Cytek Biosciences (NASDAQ:CTKB) had its price objective lifted by investment analysts at Stephens from $6.00 to $7.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Stephens‘s target price would indicate a potential upside of 18.85% from the company’s current price.

Other equities analysts also recently issued reports about the company. Wall Street Zen upgraded Cytek Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday. Morgan Stanley set a $5.00 target price on Cytek Biosciences in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Monday, September 21st. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cytek Biosciences currently has a consensus rating of “Hold” and an average target price of $6.12.

Cytek Biosciences Price Performance

Shares of CTKB stock opened at $5.89 on Tuesday. Cytek Biosciences has a one year low of $3.31 and a one year high of $6.34. The company’s fifty day moving average price is $5.42 and its 200-day moving average price is $4.67. The company has a market capitalization of $765.58 million, a price-to-earnings ratio of -9.35 and a beta of 1.15.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Wednesday, November 4th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. Cytek Biosciences had a negative net margin of 39.10% and a negative return on equity of 13.04%. The company had revenue of $53.23 million during the quarter, compared to the consensus estimate of $53.05 million. Equities research analysts expect that Cytek Biosciences will post -0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Several large investors have recently made changes to their positions in the company. Quantbot Technologies LP bought a new position in shares of Cytek Biosciences in the second quarter worth about $29,000. AXQ Capital LP increased its stake in Cytek Biosciences by 43.6% in the 2nd quarter. AXQ Capital LP now owns 28,299 shares of the company’s stock worth $125,000 after buying an additional 8,591 shares during the period. Two Sigma Securities LLC bought a new stake in Cytek Biosciences during the 2nd quarter valued at about $50,000. Pallas Capital Advisors LLC purchased a new stake in Cytek Biosciences in the 2nd quarter valued at about $50,000. Finally, Legal & General Group Plc purchased a new stake in Cytek Biosciences in the 2nd quarter valued at about $52,000. 69.46% of the stock is owned by institutional investors.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc develops and commercializes cell analysis solutions for biomedical research, clinical research and biopharmaceutical applications. The company focuses on spectral flow cytometry, a technology that enables researchers to analyze multiple characteristics of individual cells and identify complex cell populations.

Its product portfolio includes the Aurora and Northern Lights spectral flow cytometers, compact and specialized instruments, cell sorters, software and a range of fluorescent reagents.