Cytek Biosciences (NASDAQ:CTKB) Shares Down 3.6% on Analyst Downgrade

Posted by Defense World Staff on Oct 17th, 2023

Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Free Report) shares dropped 3.6% during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $15.00 to $10.00. Piper Sandler currently has an overweight rating on the stock. Cytek Biosciences traded as low as $4.79 and last traded at $4.84. Approximately 495,359 shares were traded during trading, a decline of 49% from the average daily volume of 973,447 shares. The stock had previously closed at $5.02.

Separately, Raymond James started coverage on shares of Cytek Biosciences in a report on Tuesday, July 18th. They set a “market perform” rating for the company.

View Our Latest Analysis on CTKB

Insiders Place Their Bets

In other news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $8.76, for a total transaction of $175,200.00. Following the transaction, the chief technology officer now owns 7,830,258 shares in the company, valued at approximately $68,593,060.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 126,000 shares of company stock worth $932,610 over the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CTKB. Royal Bank of Canada lifted its stake in Cytek Biosciences by 222.0% in the 3rd quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock valued at $30,000 after acquiring an additional 1,430 shares in the last quarter. State of Wyoming boosted its holdings in Cytek Biosciences by 101.0% during the second quarter. State of Wyoming now owns 4,632 shares of the company’s stock worth $40,000 after purchasing an additional 2,328 shares during the last quarter. KBC Group NV bought a new position in Cytek Biosciences in the second quarter valued at $45,000. Allspring Global Investments Holdings LLC grew its position in Cytek Biosciences by 24.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 6,062 shares of the company’s stock valued at $56,000 after purchasing an additional 1,199 shares in the last quarter. Finally, UBS Group AG increased its stake in Cytek Biosciences by 6,269.8% in the 3rd quarter. UBS Group AG now owns 4,013 shares of the company’s stock valued at $59,000 after buying an additional 3,950 shares during the last quarter. 56.50% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

The firm’s 50-day simple moving average is $6.97 and its 200 day simple moving average is $8.24. The stock has a market capitalization of $657.26 million, a P/E ratio of -120.50 and a beta of 0.60.

Cytek Biosciences (NASDAQ:CTKB – Get Free Report) last released its earnings results on Tuesday, August 8th. The company reported ($0.02) earnings per share (EPS) for the quarter. The company had revenue of $49.69 million for the quarter, compared to the consensus estimate of $46.52 million. Cytek Biosciences had a negative return on equity of 0.37% and a negative net margin of 3.31%. As a group, research analysts expect that Cytek Biosciences, Inc. will post -0.07 earnings per share for the current fiscal year.

Cytek Biosciences Company Profile

(Get Free Report)

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, which leverages full spectrum profiling technology to further broaden potential applications across cell analysis.