Cytek Biosciences (NASDAQ:CTKB) Trading Up 8.9% – Should You Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price was up 8.9% on Friday . The stock traded as high as $3.95 and last traded at $3.98. Approximately 444,993 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 997,600 shares. The stock had previously closed at $3.65.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Cytek Biosciences in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Cytek Biosciences has a consensus rating of “Hold” and a consensus target price of $5.60.

Cytek Biosciences Price Performance

The stock’s 50 day moving average price is $3.89 and its two-hundred day moving average price is $3.58. The firm has a market capitalization of $505.06 million, a price-to-earnings ratio of -79.40 and a beta of 1.31.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of CTKB. Topline Capital Management LLC lifted its stake in shares of Cytek Biosciences by 255.7% in the second quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after buying an additional 3,760,485 shares during the last quarter. CenterBook Partners LP acquired a new stake in shares of Cytek Biosciences in the first quarter worth $3,390,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Cytek Biosciences in the first quarter worth $2,841,000. AQR Capital Management LLC lifted its stake in shares of Cytek Biosciences by 89.6% in the second quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company’s stock worth $4,211,000 after buying an additional 585,116 shares during the last quarter. Finally, Acuitas Investments LLC acquired a new stake in shares of Cytek Biosciences in the first quarter worth $1,328,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.