Cytek Biosciences (NASDAQ:CTKB) Posts Earnings Results, Beats Estimates By $0.03 EPS

Cytek Biosciences (NASDAQ:CTKB) posted its quarterly earnings results on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03, Zacks reports. Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. The business had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. Cytek Biosciences updated its FY 2024 guidance to EPS.

Cytek Biosciences Price Performance

Shares of CTKB stock traded up $1.55 on Wednesday, hitting $6.99. The company’s stock had a trading volume of 2,421,129 shares, compared to its average volume of 678,375. The stock has a market capitalization of $919.25 million, a price-to-earnings ratio of -50.50 and a beta of 1.32. Cytek Biosciences has a fifty-two week low of $3.80 and a fifty-two week high of $9.87. The firm’s fifty day moving average price is $5.20 and its 200-day moving average price is $5.64.

Analyst Ratings Changes

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

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.