Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Rating) shares dropped 7.5% during mid-day trading on Thursday . The company traded as low as $10.91 and last traded at $10.92. Approximately 9,581 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 739,450 shares. The stock had previously closed at $11.81.
Analyst Ratings Changes
Separately, Piper Sandler raised their price objective on Cytek Biosciences from $16.00 to $18.00 in a research report on Monday, November 14th.
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Cytek Biosciences Price Performance
The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -1,181.00 and a beta of 0.06. The stock has a 50-day moving average price of $11.91 and a 200-day moving average price of $12.97.
Cytek Biosciences (NASDAQ:CTKB – Get Rating) last released its quarterly earnings data on Wednesday, November 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). The business had revenue of $40.48 million during the quarter, compared to analyst estimates of $43.36 million. Cytek Biosciences had a negative net
margin of 0.47% and a positive return on equity of 0.94%. Equities analysts forecast that Cytek Biosciences, Inc. will post 0.04 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Wenbin Jiang sold 20,000 shares of Cytek Biosciences stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $14.76, for a total transaction of $295,200.00. Following the completion of the sale, the chief executive officer now directly owns 7,785,820 shares of the company's stock, valued at approximately $114,918,703.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cytek Biosciences news, CFO Patrik Jeanmonod sold 3,500 shares of the firm's stock in a transaction on Monday, October 24th. The stock was sold at an average price of $15.16, for a total transaction of $53,060.00. Following the transaction, the chief financial officer now owns 85,563 shares in the company, valued at approximately $1,297,135.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Wenbin Jiang sold 20,000 shares of the firm's stock in a transaction on Monday, November 7th. The stock was sold at an average price of $14.76, for a total value of $295,200.00. Following the transaction, the chief executive officer now owns 7,785,820 shares in the company, valued at approximately $114,918,703.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 126,500 shares of company stock valued at $1,618,745. Insiders own 15.90% of the company's stock.
Hedge Funds Weigh In On Cytek Biosciences
A number of hedge funds have recently added to or reduced their stakes in CTKB. Royal Bank of Canada increased its stake in shares of Cytek Biosciences by 222.0% in the 3rd quarter. Royal Bank of Canada now owns 2,074 shares of the company's stock valued at $30,000 after purchasing an additional 1,430 shares during the last quarter. UBS Group AG increased its stake in shares of Cytek Biosciences by 6,269.8% in the 3rd quarter. UBS Group AG now owns 4,013 shares of the company's stock valued at $59,000 after purchasing an additional 3,950 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Cytek Biosciences by 54.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,077 shares of the company's stock valued at $74,000 after purchasing an additional 1,789 shares during the last quarter. Metropolitan Life Insurance Co NY increased its stake in shares of Cytek Biosciences by 31.5% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company's stock valued at $69,000 after purchasing an additional 1,536 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Cytek Biosciences in the 2nd quarter valued at $70,000. Institutional investors own 49.48% of the company's stock.
Cytek Biosciences Company Profile
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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, which leverages full spectrum profiling technology to further broaden potential applications across cell analysis.
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