Cytek Biosciences (NASDAQ:CTKB) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Posted by Mark Dietrich on Nov 8th, 2024

Cytek Biosciences (NASDAQ:CTKB – Get Free Report) posted its earnings results on Tuesday. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03, Zacks reports. Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. The firm had revenue of $51.50 million for the quarter, compared to analysts’ expectations of $50.63 million. During the same period last year, the firm earned ($0.03) EPS. Cytek Biosciences updated its FY 2024 guidance to EPS.

Cytek Biosciences Stock Performance

Shares of CTKB stock traded down $0.28 during mid-day trading on Friday, hitting $6.94. 470,539 shares of the stock traded hands, compared to its average volume of 689,004. Cytek Biosciences has a twelve month low of $4.59 and a twelve month high of $9.87. The firm has a market cap of $912.65 million, a price-to-earnings ratio of -90.25 and a beta of 1.32. The company’s 50-day simple moving average is $5.26 and its 200-day simple moving average is $5.67.

Analysts Set New Price Targets

Separately, Piper Sandler lowered their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.

Check Out Our Latest Stock Analysis on CTKB

About Cytek Biosciences

(Get Free Report)

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.