BlackRock Inc. Makes New Investment in Cytek Biosciences, Inc. $CTKB

Key Points

• BlackRock acquired 9.58 million Cytek Biosciences shares worth approximately $42.4 million, giving it a 7.42% stake in the company. Institutional investors collectively own 69.46% of CTKB.
• Cytek reported quarterly revenue of $48.14 million, above the $47.31 million consensus estimate, while meeting expectations with an EPS loss of $0.09. The company remains unprofitable, with a negative net margin of 38.98%.
• Analyst sentiment is mixed: three analysts rate CTKB a Buy, two recommend Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $5.56 versus the reported share price of $4.78.

BlackRock Inc. acquired a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,578,643 shares of the company's stock, valued at approximately $42,433,000. BlackRock Inc. owned about 7.42% of Cytek Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of CTKB. SBI Securities Co. Ltd. grew its stake in shares of Cytek Biosciences by 99.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company's stock valued at $25,000 after buying an additional 2,500 shares in the last quarter. Federated Hermes Inc. grew its position in Cytek Biosciences by 150.9% in the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company's stock valued at $25,000 after acquiring an additional 4,343 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake 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 purchasing an additional 2,388 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in shares of Cytek Biosciences during the third quarter worth about $43,000. Finally, Captrust Financial Advisors purchased a new position in shares of Cytek Biosciences in the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 69.46% of the company's stock.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $4.78 on Tuesday. The stock has a market cap of $621.30 million, a PE ratio of -7.71 and a beta of 1.17. The stock's fifty day moving average is $4.53 and its two-hundred day moving average is $4.37. Cytek Biosciences, Inc. has a 1-year low of $3.28 and a 1-year high of $6.18.

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

Analyst Upgrades and Downgrades

CTKB has been the topic of a number of research reports. Morgan Stanley set a $5.00 target price on shares of Cytek Biosciences in a report on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytek Biosciences in a research note on Wednesday, June 24th. Finally, Stephens reduced their price target on Cytek Biosciences from $5.50 to $4.75 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $5.56.

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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