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

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $6.03, but opened at $5.68. Cytek Biosciences shares last traded at $6.05, with a volume of 150,932 shares traded.

Wall Street Analyst Weigh In

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

Cytek Biosciences Stock Down 0.3 %

The company’s 50 day moving average price is $5.43 and its 200-day moving average price is $5.70.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $51.50 million for the quarter, compared to analysts’ expectations of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same quarter in the previous year, the firm posted ($0.03) EPS. On average, research analysts expect that Cytek Biosciences, Inc. will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Cytek Biosciences by 1.0% during the first quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock valued at $80,606,000 after purchasing an additional 122,105 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Cytek Biosciences in the 2nd quarter worth approximately $1,305,000. Millennium Management LLC boosted its stake in Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after buying an additional 919,845 shares in the last quarter. SlateStone Wealth LLC bought a new position in Cytek Biosciences during the second quarter valued at approximately $70,000. Finally, Squarepoint Ops LLC raised its stake in shares of Cytek Biosciences by 1,013.8% during the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock worth $1,045,000 after acquiring an additional 170,539 shares in the last quarter. Hedge funds and other institutional investors 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.