Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Analysts have a “Hold” consensus on Cytek Biosciences, with three buys, two holds and one sell among six analysts. The average 12-month price target is $5.5625.
• CTKB opened at $4.81, compared with a 52-week range of $3.28 to $6.18. The company recently reported a quarterly loss of $0.09 per share, in line with estimates, while revenue of $48.14 million exceeded expectations.
• Institutional investors own 69.46% of the stock, with several hedge funds and investment firms recently increasing their positions or establishing new holdings.

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) have been assigned an average recommendation of "Hold" from the six research firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $5.5625.

CTKB has been the subject of several research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytek Biosciences in a research note on Wednesday, June 24th. Stephens cut their price objective on shares of Cytek Biosciences from $5.50 to $4.75 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Finally, Morgan Stanley set a $5.00 target price on shares of Cytek Biosciences in a report on Friday, August 7th.

Cytek Biosciences Price Performance

CTKB stock opened at $4.81 on Monday. The stock has a market capitalization of $625.20 million, a P/E ratio of -7.76 and a beta of 1.17. The business has a 50-day moving average of $4.44 and a 200-day moving average of $4.37. Cytek Biosciences has a fifty-two week low of $3.28 and a fifty-two week high of $6.18.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.09). The business had revenue of $48.14 million for the quarter, compared to analyst estimates of $47.31 million. Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%. Equities analysts expect that Cytek Biosciences will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Cytek Biosciences

Large investors have recently modified their holdings of the business. SBI Securities Co. Ltd. grew its holdings in shares of Cytek Biosciences by 99.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company's stock valued at $25,000 after acquiring an additional 2,500 shares in the last quarter. Federated Hermes Inc. raised its holdings in Cytek Biosciences by 150.9% during the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company's stock worth $25,000 after acquiring an additional 4,343 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Cytek Biosciences by 86.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company's stock worth $26,000 after acquiring an additional 2,388 shares in the last quarter. Quantbot Technologies LP acquired a new position in Cytek Biosciences during the second quarter valued at approximately $29,000. Finally, CIBC Bancorp USA Inc. acquired a new position in Cytek Biosciences during the third quarter valued at approximately $43,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.

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