Cytek Biosciences (NASDAQ:CTKB) Shares Climb 5.3% - Here's Why

Key Points

• Cytek Biosciences shares rose 5.3% to $5.812, though trading volume was 56% below its average.
• Recent analyst sentiment was mixed: Wall Street Zen upgraded the stock to “buy,” and Stephens raised its price target to $7; the consensus rating remains “hold” with a $5.67 average target.
• In its latest quarter, Cytek reported an EPS loss of $0.05, beating estimates of a $0.07 loss, and revenue of $53.23 million, slightly above expectations.

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report)'s share price traded up 5.3% on Friday. The company traded as high as $5.75 and last traded at $5.8120. Approximately 478,633 shares were traded during trading, a decline of 56% from the average daily volume of 1,091,524 shares. The stock had previously closed at $5.52.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CTKB. Wall Street Zen upgraded Cytek Biosciences from a "hold" rating to a "buy" rating in a research note on Saturday, November 7th. Stephens lifted their target price on shares of Cytek Biosciences from $6.00 to $7.00 and gave the stock an "overweight" rating in a research report on Tuesday. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a research report on Friday, August 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cytek Biosciences in a research note on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $5.67.

Cytek Biosciences Price Performance

The stock has a market capitalization of $763.10 million, a P/E ratio of -9.26 and a beta of 1.15. The stock has a fifty day moving average price of $5.48 and a 200 day moving average price of $4.68.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.02. The business had revenue of $53.23 million for the quarter, compared to analysts' expectations of $53.05 million. Cytek Biosciences had a negative return on equity of 13.13% and a negative net margin of 39.10%. Research analysts anticipate that Cytek Biosciences, Inc. will post -0.36 earnings per share for the current year.

Institutional Trading of Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE bought a new position in Cytek Biosciences in the 2nd quarter valued at $5,827,000. Susquehanna International Group LLP grew its position in shares of Cytek Biosciences by 1,117.1% during the 2nd quarter. Susquehanna International Group LLP now owns 681,705 shares of the company's stock valued at $3,020,000 after purchasing an additional 625,695 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Cytek Biosciences in the second quarter worth $496,000. Bank of New York Mellon Corp bought a new position in shares of Cytek Biosciences in the second quarter worth $1,645,000. Finally, BlackRock Inc. purchased a new stake in shares of Cytek Biosciences in the second quarter worth $42,433,000. Institutional investors own 69.46% of the company's stock.

About Cytek Biosciences

Cytek Biosciences develops, manufactures and sells cell analysis instruments and related products used by researchers and clinical laboratories. Its systems use flow cytometry to analyze cells and other particles, supporting work in areas such as immunology, oncology and infectious disease research. The company's product portfolio includes the Aurora and Northern Lights spectral flow cytometry systems and Amnis imaging flow cytometers. Cytek also offers reagents, software, technical support and other services that help customers prepare samples, collect and interpret data, and maintain their instruments.

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