Cytek Biosciences (NASDAQ:CTKB) Posts Earnings Results, Misses Estimates By $0.05 EPS

Posted by Maria Luz-Campos on Aug 10th, 2024

Cytek Biosciences (NASDAQ:CTKB – Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.05), Zacks reports. Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. The company had revenue of $46.62 million during the quarter, compared to the consensus estimate of $49.02 million. During the same period in the previous year, the firm posted ($0.02) earnings per share. Cytek Biosciences updated its FY 2024 guidance to EPS.

Cytek Biosciences Stock Performance

CTKB stock traded down $0.20 on Friday, hitting $5.22. 621,525 shares of the company’s stock were exchanged, compared to its average volume of 705,757. The firm has a 50 day moving average price of $5.92 and a two-hundred day moving average price of $6.63. Cytek Biosciences has a 12-month low of $3.80 and a 12-month high of $9.87. The stock has a market cap of $685.25 million, a P/E ratio of -59.56 and a beta of 1.33.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their target price on shares of Cytek Biosciences from $10.00 to $8.50 and set an “overweight” rating for the company in a report on Monday, May 13th.

Read Our Latest Stock Report on CTKB

Cytek Biosciences Company Profile

(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.