Cytek Biosciences (NASDAQ:CTKB) Shares Gap Up – What’s Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $6.47, but opened at $6.80. Cytek Biosciences shares last traded at $6.80, with a volume of 5,000 shares trading hands.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised their target price on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Stock Down 0.1 %

The firm’s 50 day simple moving average is $5.82 and its two-hundred day simple moving average is $5.74. The stock has a market capitalization of $874.63 million, a P/E ratio of -84.50 and a beta of 1.45.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $51.50 million for the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period in the prior year, the business earned ($0.03) EPS. As a group, equities research analysts expect that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC bought a new position in Cytek Biosciences in the 2nd quarter valued at about $1,305,000. Millennium Management LLC boosted its position in shares of Cytek Biosciences by 3,452.2% during 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. SlateStone Wealth LLC bought a new stake in Cytek Biosciences during the second quarter worth $70,000. Squarepoint Ops LLC lifted its stake in Cytek Biosciences by 1,013.8% during the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock valued at $1,045,000 after acquiring an additional 170,539 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new position in Cytek Biosciences during the 2nd quarter worth $869,000. Institutional investors and hedge funds 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.