Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Consensus Rating of “Hold” from Analysts

Cytek Biosciences, Inc. (NASDAQ:CTKB) has been assigned a consensus rating of “Hold” from the eight brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $5.50.

Several research firms have recently commented on CTKB. TD Cowen raised their price target on Cytek Biosciences from $4.00 to $5.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler reduced their target price on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Zacks Research lowered shares of 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 report on Thursday. Finally, Morgan Stanley initiated coverage on shares of Cytek Biosciences in a research note on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price objective for the company.

Institutional Investors Weigh In On Cytek Biosciences

Institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in shares of Cytek Biosciences by 5.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 60,953 shares of the company’s stock worth $206,000 after acquiring an additional 3,141 shares during the period. Thrivent Financial for Lutherans boosted its position in Cytek Biosciences by 4.6% during the third quarter. Thrivent Financial for Lutherans now owns 78,934 shares of the company’s stock worth $274,000 after purchasing an additional 3,495 shares in the last quarter. Federated Hermes Inc. grew its holdings in Cytek Biosciences by 150.9% in the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after purchasing an additional 4,343 shares during the last quarter. SG Americas Securities LLC grew its holdings in Cytek Biosciences by 7.9% in the fourth quarter. SG Americas Securities LLC now owns 64,287 shares of the company’s stock valued at $325,000 after purchasing an additional 4,683 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Cytek Biosciences by 17.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 36,375 shares of the company’s stock valued at $138,000 after buying an additional 5,308 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Up 0.4%

NASDAQ CTKB opened at $5.45 on Friday. The stock has a market capitalization of $696.84 million, a P/E ratio of -54.49 and a beta of 1.30. Cytek Biosciences has a 52-week low of $2.37 and a 52-week high of $7.30. The firm has a 50-day moving average price of $5.07 and a 200 day moving average price of $4.24.

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

About Cytek Biosciences

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.