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

Key Points

• Stephens raised its price target on Cytek Biosciences from $6 to $7 and maintained an overweight rating, implying 18.85% upside from the prior close.
• Analyst views are mixed: the stock has a consensus Hold rating and an average target of $6.12, despite three Buy ratings, one Hold, and one Sell.
• Cytek beat quarterly expectations, reporting a loss of $0.05 per share versus the $0.07 consensus estimate, while revenue of $53.23 million slightly exceeded forecasts.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) had its target price lifted by research analysts at Stephens from $6.00 to $7.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Stephens's target price would suggest a potential upside of 18.85% from the stock's previous close.

CTKB has been the subject of a number of other reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytek Biosciences in a research note on Monday, September 21st. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Cytek Biosciences from a "hold" rating to a "buy" rating in a report on Saturday. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $6.12.

Cytek Biosciences Stock Up 1.0%

NASDAQ:CTKB opened at $5.89 on Tuesday. The company's 50 day moving average price is $5.42 and its 200-day moving average price is $4.67. Cytek Biosciences has a 52 week low of $3.31 and a 52 week high of $6.34. The stock has a market cap of $765.58 million, a price-to-earnings ratio of -9.35 and a beta of 1.15.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) 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. The company had revenue of $53.23 million during the quarter, compared to analyst estimates of $53.05 million. Cytek Biosciences had a negative net margin of 39.10% and a negative return on equity of 13.04%. As a group, sell-side analysts anticipate that Cytek Biosciences will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On Cytek Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE purchased a new stake in Cytek Biosciences in the second quarter worth about $5,827,000. Susquehanna International Group LLP lifted its position in shares of Cytek Biosciences by 1,117.1% during the 2nd quarter. Susquehanna International Group LLP now owns 681,705 shares of the company's stock valued at $3,020,000 after buying an additional 625,695 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Cytek Biosciences during the 2nd quarter valued at about $496,000. Bank of New York Mellon Corp bought a new position in shares of Cytek Biosciences during the 2nd quarter valued at approximately $1,645,000. Finally, BlackRock Inc. bought a new position in shares of Cytek Biosciences during the 2nd quarter valued at approximately $42,433,000. Hedge funds and other institutional investors own 69.46% of the company's stock.

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.

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