Cytek Biosciences (NASDAQ:CTKB) Shares Down 5.4% – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price was down 5.4% during trading on Friday . The stock traded as low as $6.11 and last traded at $6.12. Approximately 207,346 shares were traded during trading, a decline of 70% from the average daily volume of 685,896 shares. The stock had previously closed at $6.47.

Analyst Upgrades and Downgrades

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

Cytek Biosciences Trading Down 5.4 %

The firm’s fifty day moving average price is $5.90 and its two-hundred day moving average price is $5.75.

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

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds have recently added to or reduced their stakes in CTKB. State Street Corp boosted its position in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after buying an additional 194,369 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cytek Biosciences by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after acquiring an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cytek Biosciences by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock worth $8,175,000 after acquiring an additional 89,615 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cytek Biosciences by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after acquiring an additional 113,127 shares in the last quarter. Finally, Millennium Management LLC raised its holdings 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 purchasing an additional 919,845 shares during the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.