Cytek Biosciences (NASDAQ:CTKB) Sets New 12-Month High - Here's What Happened

Key Points

• Cytek Biosciences reached a new 52-week high of $6.21 before trading near $5.995, despite the stock being reported down 8.3% and closing previously at $6.09.
• Analyst sentiment remains mixed: three analysts rate CTKB a Buy, two recommend Hold, and one recommends Sell. The consensus rating is Hold, with an average price target of $5.56.
• Cytek matched quarterly EPS expectations at a loss of $0.09 per share and exceeded revenue estimates with $48.14 million, while institutional ownership rose to 69.46% following major purchases by BlackRock and other investors.

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $6.21 and last traded at $5.9950, with a volume of 45889 shares. The stock had previously closed at $6.09.

Analysts Set New Price Targets

CTKB has been the topic of a number of research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytek Biosciences in a research note on Monday, September 21st. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a research report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cytek Biosciences has a consensus rating of "Hold" and an average price target of $5.56.

Cytek Biosciences Trading Down 8.3%

The stock has a market cap of $725.81 million, a P/E ratio of -9.02 and a beta of 1.16. The firm has a 50-day simple moving average of $4.88 and a two-hundred day simple moving average of $4.53.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.09). Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. The company had revenue of $48.14 million during the quarter, compared to analysts' expectations of $47.31 million. Sell-side analysts predict that Cytek Biosciences, Inc. will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Cytek Biosciences in the 2nd quarter valued at about $42,433,000. Hhlr Advisors LTD. bought a new stake in shares of Cytek Biosciences during the 2nd quarter worth approximately $29,491,000. Bank of America Corp DE acquired a new stake in shares of Cytek Biosciences during the 2nd quarter worth approximately $5,827,000. Susquehanna International Group LLP increased its stake in Cytek Biosciences by 1,117.1% in the second quarter. Susquehanna International Group LLP now owns 681,705 shares of the company's stock valued at $3,020,000 after acquiring an additional 625,695 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Cytek Biosciences in the second quarter valued at approximately $1,645,000. 69.46% of the stock is currently owned by institutional investors.

About Cytek Biosciences

Cytek Biosciences, Inc develops and manufactures cell analysis technologies for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry platform, which captures a broader range of fluorescent light signals than conventional flow cytometers and is designed to support the analysis of complex cell populations.

Cytek's product portfolio includes the Aurora and Northern Lights flow cytometers, which are available in configurations intended for a range of laboratory requirements.

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