Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down to $5.96

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped down before the market opened on Tuesday . The stock had previously closed at $5.96, but opened at $5.79. Cytek Biosciences shares last traded at $5.92, with a volume of 108,381 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CTKB shares. The Goldman Sachs Group upped their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Piper Sandler reduced their price objective on shares of Cytek Biosciences from $10.00 to $8.50 and set an “overweight” rating for the company in a research note on Monday, May 13th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Cytek Biosciences presently has an average rating of “Moderate Buy” and an average target price of $8.63.

Cytek Biosciences Trading Down 0.8 %

The company’s 50 day moving average price is $6.29 and its 200-day moving average price is $7.28.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Wednesday, March 13th. The company reported $0.04 EPS for the quarter. Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. The company had revenue of $58.23 million for the quarter, compared to the consensus estimate of $56.66 million. As a group, sell-side analysts predict that Cytek Biosciences, Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Ming Yan sold 20,000 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $5.87, for a total transaction of $117,400.00. Following the completion of the sale, the chief technology officer now directly owns 5,988,502 shares of the company’s stock, valued at approximately $35,152,506.74. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 41,900 shares of company stock valued at $266,100. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of CTKB. Federated Hermes Inc. bought a new stake in shares of Cytek Biosciences in the fourth quarter worth $36,000. Sherbrooke Park Advisers LLC acquired a new position in Cytek Biosciences during the 3rd quarter worth $86,000. Quadrature Capital Ltd bought a new stake in shares of Cytek Biosciences in the 1st quarter worth about $102,000. ProShare Advisors LLC raised its stake in shares of Cytek Biosciences by 7.6% in the 1st quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock valued at $161,000 after purchasing an additional 1,687 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of Cytek Biosciences by 18.0% during the third quarter. Oregon Public Employees Retirement Fund now owns 29,450 shares of the company’s stock worth $163,000 after purchasing an additional 4,500 shares during the last quarter. 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.