The Goldman Sachs Group Has Lowered Expectations for Cytek Biosciences (NASDAQ:CTKB) Stock Price

Cytek Biosciences (NASDAQ:CTKB) had its price target lowered by equities researchers at The Goldman Sachs Group from $3.50 to $3.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 0.67% from the company’s current price.

A number of other research firms also recently issued reports on CTKB. Stephens reiterated an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Piper Sandler reduced their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Finally, TD Cowen downgraded Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a research report on Friday, May 9th.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $2.98 on Monday. The stock’s 50 day moving average price is $3.84 and its 200 day moving average price is $5.23. Cytek Biosciences has a 1-year low of $2.82 and a 1-year high of $7.63. The company has a market cap of $380.25 million, a PE ratio of -37.25 and a beta of 1.42.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.05). Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The business had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. On average, equities research analysts anticipate that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC boosted its stake in shares of Cytek Biosciences by 333.6% during the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock worth $1,116,000 after purchasing an additional 154,915 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares during the period. Pacer Advisors Inc. acquired a new stake in Cytek Biosciences during the fourth quarter worth approximately $196,000. Principal Financial Group Inc. grew its stake in Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock worth $3,290,000 after acquiring an additional 3,753 shares during the period. Finally, Olympiad Research LP raised its holdings in Cytek Biosciences by 51.0% in the 4th quarter. Olympiad Research LP now owns 19,601 shares of the company’s stock valued at $127,000 after acquiring an additional 6,617 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.