Cytek Biosciences (NASDAQ:CTKB) Price Target Raised to $8.50

Cytek Biosciences (NASDAQ:CTKB) had its target price upped by Piper Sandler from $8.00 to $8.50 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Cytek Biosciences Stock Performance

NASDAQ CTKB opened at $6.78 on Monday. Cytek Biosciences has a one year low of $4.66 and a one year high of $9.87. The stock has a 50-day moving average of $5.38 and a 200 day moving average of $5.70. The company has a market capitalization of $873.33 million, a price-to-earnings ratio of -84.74 and a beta of 1.32.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The firm had revenue of $51.50 million during the quarter, compared to analyst estimates 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 period in the previous year, the business posted ($0.03) earnings per share. On average, equities analysts predict that Cytek Biosciences will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of CTKB. Vanguard Group Inc. increased its position in Cytek Biosciences by 1.0% during the first quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock valued at $80,606,000 after acquiring an additional 122,105 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Cytek Biosciences by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after purchasing an additional 89,615 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Cytek Biosciences by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after purchasing an additional 113,127 shares during the period. Millennium Management LLC boosted its holdings in shares of Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after buying an additional 919,845 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position 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 valued at $4,488,000 after buying an additional 29,579 shares during the period. 69.46% of the stock is owned by institutional investors.

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.