Cytek Biosciences (NASDAQ:CTKB) Reaches New 1-Year High - Time to Buy?

Key Points

• Cytek Biosciences shares reached a new 52-week high of $6.32 and last traded at $6.125, above the $5.19 50-day and $4.65 200-day moving averages.
• Analyst sentiment is mixed: three analysts rate the stock Buy, two Hold and one Sell. The consensus rating is Hold, with an average price target of $5.88.
• Cytek’s latest quarterly results matched expectations with an EPS loss of $0.09, while revenue of $48.14 million exceeded forecasts. Institutional investors own approximately 69.46% of the company.

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) hit a new 52-week high during trading on Wednesday. The stock traded as high as $6.32 and last traded at $6.1250, with a volume of 244,278 shares. The stock had previously closed at $5.98.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CTKB shares. Stephens reissued an "overweight" rating and set a $6.00 price target on shares of Cytek Biosciences in a research note on Friday. Morgan Stanley set a $5.00 price objective on Cytek Biosciences in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytek Biosciences in a research report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $5.88.

Cytek Biosciences Stock Performance

The company has a market cap of $781.85 million, a P/E ratio of -9.70 and a beta of 1.16. The business's fifty day moving average is $5.19 and its two-hundred day moving average is $4.65.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). The firm had revenue of $48.14 million for the quarter, compared to analysts' expectations of $47.31 million. Analysts expect that Cytek Biosciences, Inc. will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CTKB. BlackRock Inc. acquired a new stake in shares of Cytek Biosciences during the second quarter worth $42,433,000. Hhlr Advisors LTD. acquired a new position in shares of Cytek Biosciences in the 2nd quarter valued at $29,491,000. Bank of America Corp DE purchased a new position in Cytek Biosciences in the 2nd quarter worth $5,827,000. Susquehanna International Group LLP raised its stake in Cytek Biosciences by 1,117.1% in the 2nd quarter. Susquehanna International Group LLP now owns 681,705 shares of the company's stock worth $3,020,000 after acquiring an additional 625,695 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Cytek Biosciences during the 2nd quarter worth about $1,645,000. Hedge funds and other institutional investors own 69.46% of the company's stock.

About Cytek Biosciences

Cytek Biosciences, Inc develops and commercializes cell analysis solutions for biomedical research, clinical research and biopharmaceutical applications. The company focuses on spectral flow cytometry, a technology that enables researchers to analyze multiple characteristics of individual cells and identify complex cell populations.

Its product portfolio includes the Aurora and Northern Lights spectral flow cytometers, compact and specialized instruments, cell sorters, software and a range of fluorescent reagents.

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