Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Free Report)’s stock price dropped 4.8% during mid-day trading on Tuesday . The stock traded as low as $5.53 and last traded at $5.55. Approximately 152,144 shares were traded during trading, a decline of 78% from the average daily volume of 692,683 shares. The stock had previously closed at $5.83.
Analyst Upgrades and Downgrades
Separately, Piper Sandler cut their price target on Cytek Biosciences from $10.00 to $8.50 and set an “overweight” rating for the company in a research note on Monday, May 13th.
Cytek Biosciences Trading Down 3.6 %
Cytek Biosciences (NASDAQ:CTKB – Get Free Report) last posted its earnings results on Wednesday, May 8th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $44.86 million during the quarter, compared to the consensus estimate of $43.86 million. Cytek Biosciences had a negative net margin of 5.73% and a negative return on equity of 1.78%. On average, equities analysts expect that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Cytek Biosciences
Several institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. acquired a new stake in Cytek Biosciences in the fourth quarter worth $36,000. SlateStone Wealth LLC acquired a new position in shares of Cytek Biosciences during the second quarter valued at $70,000. Quadrature Capital Ltd acquired a new position in shares of Cytek Biosciences during the first quarter valued at $102,000. Allspring Global Investments Holdings LLC acquired a new position in Cytek Biosciences during the second quarter worth about $140,000. Finally, ProShare Advisors LLC grew its holdings in Cytek Biosciences by 7.6% during the first quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock worth $161,000 after acquiring an additional 1,687 shares during the period. 69.46% of the stock is currently owned by hedge funds and other institutional investors.
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.
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