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

Key Points

• Wall Street Zen upgraded Cytek Biosciences from “hold” to “buy.” Analyst opinions remain mixed: MarketBeat’s consensus is “hold,” with an average price target of $5.88.
• Cytek reported a quarterly loss of $0.05 per share, beating estimates of a $0.07 loss, while revenue of $53.23 million slightly exceeded expectations.
• Cytek shares were reported up 8% and opened at $5.83; institutional investors own about 69.5% of the stock.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently commented on CTKB. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytek Biosciences in a report on Monday, September 21st. Morgan Stanley set a $5.00 target price on Cytek Biosciences in a research note on Friday, August 7th. Finally, Stephens reissued an "overweight" rating and set a $6.00 price objective on shares of Cytek Biosciences in a report on Friday, October 23rd. Three investment 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. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $5.88.

Cytek Biosciences Stock Up 8.0%

Shares of Cytek Biosciences stock opened at $5.83 on Friday. The company has a market capitalization of $757.78 million, a price-to-earnings ratio of -9.25 and a beta of 1.15. Cytek Biosciences has a 52 week low of $3.31 and a 52 week high of $6.34. The stock's 50-day simple moving average is $5.39 and its 200-day simple moving average is $4.67.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released 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 38.98% and a negative return on equity of 12.40%. The company had revenue of $53.23 million for the quarter, compared to analysts' expectations of $53.05 million. On average, equities analysts expect that Cytek Biosciences will post -0.36 earnings per share for the current year.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in CTKB. BlackRock Inc. acquired a new position in Cytek Biosciences in the 2nd quarter valued at $42,433,000. Hhlr Advisors LTD. acquired a new position in shares of Cytek Biosciences during the 2nd quarter worth about $29,491,000. Russell Investments Group Ltd. lifted its stake in shares of Cytek Biosciences by 60.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,428,747 shares of the company's stock valued at $14,475,000 after acquiring an additional 917,432 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cytek Biosciences by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company's stock valued at $11,638,000 after acquiring an additional 16,438 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in Cytek Biosciences during the second quarter valued at approximately $5,827,000. 69.46% of the stock is owned by hedge funds and other 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.

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