Cytek Biosciences (NASDAQ:CTKB) Issues Quarterly Earnings Results

Cytek Biosciences (NASDAQ:CTKB) released its earnings results on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, topping 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 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) EPS. Cytek Biosciences updated its FY 2024 guidance to EPS.

Cytek Biosciences Trading Down 2.4 %

Shares of NASDAQ:CTKB traded down $0.18 during trading on Thursday, hitting $7.22. 1,316,483 shares of the stock were exchanged, compared to its average volume of 690,016. The company has a fifty day moving average price of $5.23 and a two-hundred day moving average price of $5.66. The company has a market cap of $949.47 million, a PE ratio of -92.38 and a beta of 1.32. Cytek Biosciences has a 12-month low of $3.80 and a 12-month high of $9.87.

Analyst Ratings Changes

Separately, Piper Sandler dropped 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.

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.