Cytek Biosciences (NASDAQ:CTKB) Shares Up 26.7% Following Strong Earnings

Cytek Biosciences, Inc. (NASDAQ:CTKB) was up 26.7% on Wednesday following a better than expected earnings announcement. The stock traded as high as $7.16 and last traded at $6.89. Approximately 379,300 shares changed hands during trading, a decline of 43% from the average daily volume of 668,878 shares. The stock had previously closed at $5.44.

The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. The company had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. During the same period last year, the business posted ($0.03) EPS.

Analyst Ratings Changes

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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SlateStone Wealth LLC acquired a new stake in shares of Cytek Biosciences during the 2nd quarter worth approximately $70,000. Olympiad Research LP purchased a new position in Cytek Biosciences during the 3rd quarter worth $72,000. Quadrature Capital Ltd bought a new stake in shares of Cytek Biosciences during the 1st quarter worth $102,000. Everence Capital Management Inc. raised its stake in shares of Cytek Biosciences by 20.9% during the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after purchasing an additional 2,900 shares during the period. Finally, Dark Forest Capital Management LP raised its stake in shares of Cytek Biosciences by 85.3% during the 2nd quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock worth $118,000 after purchasing an additional 9,711 shares during the period. Institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

The company has a market capitalization of $927.15 million, a P/E ratio of -49.43 and a beta of 1.32. The stock has a 50 day moving average price of $5.20 and a 200 day moving average price of $5.65.

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.