Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 5.5%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price shot up 5.5% during trading on Tuesday . The company traded as high as $5.40 and last traded at $5.39. 66,197 shares changed hands during trading, a decline of 90% from the average session volume of 687,332 shares. The stock had previously closed at $5.11.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.

Cytek Biosciences Trading Up 4.5 %

The firm’s 50-day moving average price is $5.76 and its two-hundred day moving average price is $6.05. The stock has a market cap of $701.00 million, a PE ratio of -59.67 and a beta of 1.31.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. The company had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. During the same quarter in the previous year, the company posted ($0.02) EPS. On average, analysts anticipate that Cytek Biosciences, Inc. will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its position 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 valued at $5,281,000 after buying an additional 919,845 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Cytek Biosciences by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock worth $108,443,000 after acquiring an additional 811,279 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Cytek Biosciences during the second quarter worth $1,305,000. Squarepoint Ops LLC increased its stake in Cytek Biosciences by 1,013.8% during the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock worth $1,045,000 after purchasing an additional 170,539 shares during the period. Finally, Algert Global LLC boosted its holdings in Cytek Biosciences by 133.2% in the second quarter. Algert Global LLC now owns 295,275 shares of the company’s stock valued at $1,648,000 after purchasing an additional 168,665 shares during the period. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.