Cytek Biosciences (NASDAQ:CTKB) Rating Lowered to Hold at TD Cowen

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) was downgraded by research analysts at TD Cowen from a "buy" rating to a "hold" rating in a note issued to investors on Friday, MarketBeat.com reports. They currently have a $4.00 target price on the stock. TD Cowen's target price indicates a potential upside of 32.45% from the company's current price.

CTKB has been the subject of a number of other reports. The Goldman Sachs Group set a $5.25 price objective on Cytek Biosciences in a research report on Sunday, February 2nd. Stephens reissued an "overweight" rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Finally, Piper Sandler lowered their target price on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th.

Cytek Biosciences Price Performance

Shares of Cytek Biosciences stock traded up $0.10 during trading on Friday, hitting $3.02. The stock had a trading volume of 1,231,057 shares, compared to its average volume of 719,133. The firm has a market cap of $385.35 million, a P/E ratio of -37.75 and a beta of 1.42. The business has a fifty day moving average of $3.87 and a two-hundred day moving average of $5.24. 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 announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.05). Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. As a group, research analysts forecast that Cytek Biosciences will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of Cytek Biosciences by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company's stock worth $11,880,000 after buying an additional 262,607 shares in the last quarter. Northern Trust Corp boosted its position in Cytek Biosciences by 11.4% during the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company's stock valued at $7,712,000 after purchasing an additional 121,268 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cytek Biosciences by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,104,889 shares of the company's stock valued at $4,431,000 after purchasing an additional 41,899 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Cytek Biosciences by 58.3% during the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock valued at $6,150,000 after purchasing an additional 349,146 shares during the last quarter. Finally, CenterBook Partners LP acquired a new position in Cytek Biosciences during the first quarter valued at approximately $3,390,000. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Company Profile

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.