Cytek Biosciences (NASDAQ:CTKB) Trading Up 5.3% – Still a Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price rose 5.3% during trading on Tuesday . The stock traded as high as $4.05 and last traded at $4.0660. Approximately 214,747 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,034,705 shares. The stock had previously closed at $3.86.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Friday, March 27th. Finally, Stephens dropped their price objective on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cytek Biosciences has an average rating of “Hold” and an average target price of $5.69.

Cytek Biosciences Trading Up 5.2%

The firm has a market capitalization of $552.72 million, a P/E ratio of -7.51 and a beta of 1.18. The business has a 50 day moving average of $4.18 and a 200-day moving average of $4.55.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The company had revenue of $44.13 million during the quarter, compared to the consensus estimate of $44.23 million. On average, analysts anticipate that Cytek Biosciences, Inc. will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

A number of large investors have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new position in shares of Cytek Biosciences during the third quarter worth about $867,000. Topline Capital Management LLC raised its position in Cytek Biosciences by 32.7% in the 3rd quarter. Topline Capital Management LLC now owns 6,944,280 shares of the company’s stock valued at $24,097,000 after buying an additional 1,713,020 shares during the last quarter. Royce & Associates LP raised its position in Cytek Biosciences by 26.9% in the 3rd quarter. Royce & Associates LP now owns 1,763,262 shares of the company’s stock valued at $6,119,000 after buying an additional 373,456 shares during the last quarter. Simcoe Capital LLC bought a new stake in Cytek Biosciences in the 4th quarter valued at approximately $1,507,000. Finally, Strs Ohio bought a new stake in Cytek Biosciences in the 1st quarter valued at approximately $105,000. Institutional investors 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.