Cytek Biosciences (NASDAQ:CTKB) Shares Down 2.6%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price fell 2.6% during trading on Wednesday . The stock traded as low as $5.14 and last traded at $5.20. 42,391 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 685,986 shares. The stock had previously closed at $5.34.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th.

Cytek Biosciences Trading Down 3.7 %

The stock has a market capitalization of $674.74 million, a P/E ratio of -59.33 and a beta of 1.31. The company’s fifty day simple moving average is $5.75 and its 200 day simple moving average is $6.03.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. The company had revenue of $46.62 million for the quarter, compared to the consensus estimate of $49.02 million. During the same period in the prior year, the firm posted ($0.02) earnings per share. Equities research analysts predict that Cytek Biosciences, Inc. will post -0.11 earnings per share for the current year.

Institutional Trading of Cytek Biosciences

Hedge funds have recently made changes to their positions in the stock. SlateStone Wealth LLC bought a new stake in shares of Cytek Biosciences during the 2nd quarter worth $70,000. Quadrature Capital Ltd purchased a new position in Cytek Biosciences in the 1st quarter worth $102,000. Dark Forest Capital Management LP raised its position in Cytek Biosciences by 85.3% in 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. ProShare Advisors LLC raised its position in Cytek Biosciences by 7.6% in the 1st quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock worth $161,000 after purchasing an additional 1,687 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in Cytek Biosciences in the 2nd quarter worth $140,000. 69.46% of the stock is owned by institutional investors.

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.