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Cytek Biosciences (NASDAQ:CTKB) Upgraded to Strong-Buy at Zacks Research

Cytek Biosciences logo with Medical background

Key Points

  • Cytek Biosciences has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, indicating increased analyst confidence in the stock's potential.
  • Despite this upgrade, Weiss Ratings has reissued a "sell" rating, highlighting the mixed sentiment from analysts on Cytek's performance.
  • The stock currently has an average target price of $5.60 and shows significant trading activity, with institutional investors holding nearly 69.46% of the company's shares.
  • Five stocks to consider instead of Cytek Biosciences.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Cytek Biosciences in a report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cytek Biosciences currently has an average rating of "Hold" and an average target price of $5.60.

Check Out Our Latest Report on CTKB

Cytek Biosciences Price Performance

NASDAQ CTKB opened at $3.79 on Monday. Cytek Biosciences has a 1 year low of $2.37 and a 1 year high of $7.63. The stock has a market capitalization of $482.16 million, a PE ratio of -75.80 and a beta of 1.31. The company's 50 day simple moving average is $3.90 and its two-hundred day simple moving average is $3.57.

Institutional Investors Weigh In On Cytek Biosciences

A number of large investors have recently added to or reduced their stakes in CTKB. Topline Capital Management LLC boosted its stake in shares of Cytek Biosciences by 255.7% during the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company's stock valued at $17,786,000 after purchasing an additional 3,760,485 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Cytek Biosciences during the 1st quarter valued at about $3,390,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Cytek Biosciences during the 1st quarter valued at about $2,841,000. AQR Capital Management LLC lifted its position in Cytek Biosciences by 89.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company's stock valued at $4,211,000 after acquiring an additional 585,116 shares during the period. Finally, Acuitas Investments LLC purchased a new position in Cytek Biosciences during the 1st quarter valued at about $1,328,000. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Company Profile

(Get Free Report)

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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Analyst Recommendations for Cytek Biosciences (NASDAQ:CTKB)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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