Cytek Biosciences (NASDAQ:CTKB) Trading Down 5.5% – Here’s Why

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) dropped 5.5% on Tuesday . The stock 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.

Wall Street Analyst Weigh In

Separately, Piper Sandler boosted their target price on shares of 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 Trading Up 1.4 %

The company has a 50-day moving average of $5.57 and a 200-day moving average of $5.70. The firm has a market capitalization of $837.27 million, a price-to-earnings ratio of -81.24 and a beta of 1.32.

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

Hedge Funds Weigh In On Cytek Biosciences

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