Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 2.4% - What's Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) rose 2.4% during trading on Tuesday . The company traded as high as $3.60 and last traded at $3.48. Approximately 1,129,459 shares changed hands during mid-day trading, an increase of 38% from the average daily volume of 819,132 shares. The stock had previously closed at $3.40.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. TD Cowen cut Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price for the company. in a research report on Friday, May 9th. Stephens reaffirmed an "overweight" rating and set a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. The Goldman Sachs Group lowered their target price on shares of Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a research note on Monday, May 12th. Morgan Stanley cut their price target on shares of Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 28th. Finally, Piper Sandler lowered their price objective on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $5.60.

Cytek Biosciences Stock Performance

The firm has a market cap of $457.24 million, a price-to-earnings ratio of -40.11 and a beta of 1.33. The business's 50-day moving average is $3.20 and its 200-day moving average is $4.43.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted 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). The firm had revenue of $41.46 million for the quarter, compared to analyst estimates of $43.18 million. Cytek Biosciences had a negative return on equity of 2.90% and a negative net margin of 5.71%. Equities research analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytek Biosciences news, CFO William D. Mccombe bought 35,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was bought at an average cost of $2.78 per share, for a total transaction of $97,300.00. Following the completion of the purchase, the chief financial officer owned 55,746 shares in the company, valued at $154,973.88. This represents a 168.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 10.33% of the company's stock.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC lifted its position in Cytek Biosciences by 101.9% during the 1st quarter. Voya Investment Management LLC now owns 80,266 shares of the company's stock valued at $322,000 after purchasing an additional 40,517 shares during the period. Strs Ohio bought a new stake in shares of Cytek Biosciences during the first quarter worth approximately $105,000. Acadian Asset Management LLC bought a new position in Cytek Biosciences in the first quarter valued at approximately $162,000. Jane Street Group LLC grew its holdings in Cytek Biosciences by 412.2% during the 1st quarter. Jane Street Group LLC now owns 344,169 shares of the company's stock worth $1,380,000 after acquiring an additional 276,972 shares during the period. Finally, Caxton Associates LLP bought a new stake in shares of Cytek Biosciences during the 1st quarter valued at $409,000. Institutional investors and hedge funds own 69.46% of the company's stock.

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.