Cytek Biosciences (NASDAQ:CTKB) Trading Up 4.8% – Still a Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price shot up 4.8% during trading on Wednesday . The company traded as high as $6.75 and last traded at $6.74. 157,763 shares were traded during mid-day trading, a decline of 77% from the average session volume of 684,031 shares. The stock had previously closed at $6.43.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their price target 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 Price Performance

The stock’s 50-day simple moving average is $6.03 and its two-hundred day simple moving average is $5.77. The firm has a market capitalization of $814.09 million, a P/E ratio of -78.99 and a beta of 1.46.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.03. The company had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same quarter in the prior year, the firm posted ($0.03) EPS. On average, analysts forecast that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in shares of Cytek Biosciences during the second quarter valued at about $180,000. Bank of New York Mellon Corp boosted its stake in Cytek Biosciences by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 804,261 shares of the company’s stock worth $4,488,000 after buying an additional 29,579 shares during the period. SlateStone Wealth LLC purchased a new position in Cytek Biosciences during the second quarter worth $70,000. Allspring Global Investments Holdings LLC bought a new position in Cytek Biosciences during the second quarter valued at $140,000. Finally, Natixis Advisors LLC bought a new stake in shares of Cytek Biosciences in the 2nd quarter worth about $201,000. Institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Company Profile

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.