Cytek Biosciences (NASDAQ:CTKB) Price Target Lowered to $3.00 at The Goldman Sachs Group

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) had its price objective lowered by equities researchers at The Goldman Sachs Group from $3.50 to $3.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "sell" rating on the stock. The Goldman Sachs Group's price target would indicate a potential downside of 0.56% from the company's current price.

Other research analysts have also recently issued reports about the company. Piper Sandler reduced their price objective on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research report on Tuesday, March 4th. TD Cowen lowered Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price on the stock. in a research note on Friday. Finally, Stephens reaffirmed an "overweight" rating and issued a $6.00 target price on shares of Cytek Biosciences in a report on Wednesday, March 19th.

Cytek Biosciences Trading Up 3.0%

CTKB stock traded up $0.09 during trading on Monday, hitting $3.02. The company had a trading volume of 615,827 shares, compared to its average volume of 716,850. The company has a fifty day moving average price of $3.90 and a two-hundred day moving average price of $5.26. The company has a market cap of $384.97 million, a P/E ratio of -38.06 and a beta of 1.42. Cytek Biosciences has a fifty-two week low of $2.81 and a fifty-two week high of $7.63.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.05). Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. On average, analysts expect that Cytek Biosciences will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of CTKB. Barclays PLC lifted its stake in Cytek Biosciences by 333.6% in the third quarter. Barclays PLC now owns 201,359 shares of the company's stock valued at $1,116,000 after purchasing an additional 154,915 shares during the last quarter. GAMMA Investing LLC lifted its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company's stock worth $32,000 after buying an additional 3,635 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in Cytek Biosciences in the fourth quarter worth approximately $196,000. Principal Financial Group Inc. raised its stake in shares of Cytek Biosciences by 0.7% during the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock worth $3,290,000 after acquiring an additional 3,753 shares in the last quarter. Finally, Olympiad Research LP lifted its holdings in shares of Cytek Biosciences by 51.0% in the 4th quarter. Olympiad Research LP now owns 19,601 shares of the company's stock worth $127,000 after acquiring an additional 6,617 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company's stock.

About Cytek Biosciences

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.

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