Cytek Biosciences (NASDAQ:CTKB) Price Target Lowered to $7.00 at Morgan Stanley

Cytek Biosciences (NASDAQ:CTKB) had its target price lowered by equities researchers at Morgan Stanley from $9.00 to $7.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 170.27% from the stock’s previous close.

CTKB has been the topic of a number of other reports. The Goldman Sachs Group cut their price target on shares of Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating on the stock in a report on Monday, May 12th. Stephens reissued an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th. TD Cowen downgraded shares of Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 price objective on the stock. in a report on Friday, May 9th. Finally, Piper Sandler dropped their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Cytek Biosciences presently has an average rating of “Hold” and a consensus target price of $5.60.

Cytek Biosciences Price Performance

CTKB opened at $2.59 on Wednesday. The firm’s fifty day moving average price is $3.43 and its two-hundred day moving average price is $4.96. The company has a market capitalization of $328.05 million, a price-to-earnings ratio of -32.37 and a beta of 1.42. Cytek Biosciences has a 1 year low of $2.37 and a 1 year high of $7.63.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.05). The company had revenue of $41.46 million during the quarter, compared to analysts’ expectations of $43.18 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. As a group, equities analysts anticipate that Cytek Biosciences will post -0.06 EPS for the current year.

Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors have recently added to or reduced their stakes in CTKB. Sterling Capital Management LLC lifted its holdings in Cytek Biosciences by 799.8% during the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after purchasing an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Cytek Biosciences during the fourth quarter valued at about $25,000. Brooklyn Investment Group increased its position in shares of Cytek Biosciences by 992,200.0% during the first quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock valued at $40,000 after buying an additional 9,922 shares during the period. US Bancorp DE increased its position in shares of Cytek Biosciences by 9,698.2% during the first quarter. US Bancorp DE now owns 10,680 shares of the company’s stock valued at $43,000 after buying an additional 10,571 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Cytek Biosciences by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after buying an additional 4,665 shares during the period. 69.46% of the stock is owned by hedge funds and other institutional investors.

About Cytek Biosciences

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.