Cytek Biosciences (NASDAQ:CTKB) Stock Price Expected to Rise, TD Cowen Analyst Says

Cytek Biosciences (NASDAQ:CTKB) had its price target lifted by equities research analysts at TD Cowen from $4.00 to $5.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential downside of 8.26% from the company’s current price.

CTKB has been the subject of several other research reports. Zacks Research downgraded Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Monday, December 29th. Piper Sandler decreased their price target on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Finally, Morgan Stanley began coverage on shares of Cytek Biosciences in a research report on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cytek Biosciences has a consensus rating of “Hold” and a consensus target price of $5.50.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB opened at $5.45 on Thursday. Cytek Biosciences has a 12-month low of $2.37 and a 12-month high of $7.30. The company has a market capitalization of $696.84 million, a PE ratio of -54.49 and a beta of 1.30. The firm’s 50-day moving average is $5.07 and its two-hundred day moving average is $4.24.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings data on Tuesday, November 28th. The company reported $0.04 earnings per share for the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. The business had revenue of $40.48 million during the quarter. On average, analysts forecast that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

A number of institutional investors have recently bought and sold shares of CTKB. Federated Hermes Inc. raised its stake in Cytek Biosciences by 150.9% during the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after purchasing an additional 4,343 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new stake in Cytek Biosciences during the second quarter worth about $42,000. CIBC Bancorp USA Inc. acquired a new position in shares of Cytek Biosciences in the 3rd quarter valued at about $43,000. Captrust Financial Advisors purchased a new stake in shares of Cytek Biosciences during the 2nd quarter worth about $43,000. Finally, Pallas Capital Advisors LLC acquired a new stake in Cytek Biosciences during the 2nd quarter worth approximately $48,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

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.