Cytek Biosciences (NASDAQ:CTKB) Trading Down 5.5% – What’s Next?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) dropped 5.5% during trading on Tuesday . The company traded as low as $6.32 and last traded at $6.32. Approximately 192,950 shares changed hands during trading, a decline of 72% from the average daily volume of 692,052 shares. The stock had previously closed at $6.69.

Analysts Set New Price Targets

Separately, Piper Sandler increased their target price on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research report on Monday, November 11th.

Cytek Biosciences Stock Up 1.4 %

The firm’s 50 day simple moving average is $5.57 and its 200-day simple moving average is $5.70. The company has a market capitalization of $837.27 million, a PE ratio of -81.24 and a beta of 1.32.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The company had revenue of $51.50 million for the quarter, compared to analysts’ expectations of $50.63 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Trading of Cytek Biosciences

Several large investors have recently bought and sold shares of CTKB. SlateStone Wealth LLC purchased a new position in shares of Cytek Biosciences in the second quarter valued at $70,000. Olympiad Research LP acquired a new stake in shares of Cytek Biosciences during the third quarter valued at about $72,000. Quadrature Capital Ltd acquired a new stake in shares of Cytek Biosciences during the first quarter valued at about $102,000. Everence Capital Management Inc. increased its position in shares of Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Dark Forest Capital Management LP lifted its stake in shares of Cytek Biosciences by 85.3% in the second quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock worth $118,000 after acquiring an additional 9,711 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.