Cytek Biosciences (NASDAQ:CTKB) Trading Up 3.2% – Should You Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price was up 3.2% during trading on Monday . The company traded as high as $5.20 and last traded at $5.16. Approximately 829,941 shares traded hands during trading, an increase of 4% from the average daily volume of 796,417 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday, December 29th. Morgan Stanley started coverage on Cytek Biosciences in a research report on Monday, December 1st. They set an “equal weight” rating and a $6.00 price target on the stock. Zacks Research cut shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Piper Sandler lowered their target price on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Finally, TD Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research note on Thursday, January 8th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $5.50.

Cytek Biosciences Trading Up 3.2%

The company has a market capitalization of $659.76 million, a P/E ratio of -51.59 and a beta of 1.30. The company has a 50 day moving average price of $5.22 and a 200 day moving average price of $4.46.

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue lifted its holdings in shares of Cytek Biosciences by 5.4% during 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 raised 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 valued at $274,000 after purchasing an additional 3,495 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Cytek Biosciences by 150.9% in the 2nd 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 in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Cytek Biosciences by 7.9% in the 4th 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 in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Cytek Biosciences by 17.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 36,375 shares of the company’s stock valued at $138,000 after purchasing an additional 5,308 shares during the last quarter. 69.46% of the stock is owned by institutional investors.

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.