Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

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

Cytek Biosciences Stock Performance

The stock has a 50-day moving average price of $5.43 and a 200-day moving average price of $5.70.

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

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of CTKB. SlateStone Wealth LLC bought a new stake in Cytek Biosciences in the 2nd quarter valued at about $70,000. Olympiad Research LP bought a new stake in shares of Cytek Biosciences during the third quarter valued at approximately $72,000. Everence Capital Management Inc. raised its position in shares of Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after purchasing an additional 2,900 shares during the period. Quadrature Capital Ltd bought a new position in shares of Cytek Biosciences in the 1st quarter worth $102,000. Finally, Dark Forest Capital Management LP grew 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 valued at $118,000 after purchasing an additional 9,711 shares during the period. 69.46% of the stock is owned by institutional investors.

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.