Cytek Biosciences (NASDAQ:CTKB) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Cytek Biosciences (NASDAQ:CTKB) from a hold rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.

CTKB has been the subject of several other research reports. Stephens reissued an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Friday, October 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Monday, September 21st. Finally, Morgan Stanley set a $5.00 target price on Cytek Biosciences in a research note on Friday, August 7th. Three equities 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 company. According to data from MarketBeat, Cytek Biosciences currently has a consensus rating of “Hold” and an average target price of $5.88.

Cytek Biosciences Trading Up 8.0%

Shares of CTKB opened at $5.83 on Friday. The company’s fifty day simple moving average is $5.39 and its 200-day simple moving average is $4.67. The company has a market cap of $762.45 million, a P/E ratio of -9.25 and a beta of 1.15. Cytek Biosciences has a twelve month low of $3.31 and a twelve month high of $6.34.

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

Institutional Trading of Cytek Biosciences

A number of large investors have recently made changes to their positions in CTKB. Quantbot Technologies LP purchased a new position in Cytek Biosciences in the 2nd quarter worth about $29,000. Pallas Capital Advisors LLC bought a new stake in Cytek Biosciences during the 2nd quarter valued at about $50,000. Two Sigma Securities LLC purchased a new stake in Cytek Biosciences in the 2nd quarter valued at about $50,000. Legal & General Group Plc purchased a new stake in Cytek Biosciences in the 2nd quarter valued at about $52,000. Finally, Hsbc Holdings PLC purchased a new stake in Cytek Biosciences in the 2nd quarter valued at about $86,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

About Cytek Biosciences

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.