Cytek Biosciences (NASDAQ:CTKB – Get Free Report) released its earnings results on Tuesday. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03, Zacks reports. The firm had revenue of $51.50 million for the quarter, compared to analysts’ expectations of $50.63 million. Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. During the same period in the previous year, the company earned ($0.03) earnings per share. Cytek Biosciences updated its FY 2024 guidance to EPS.
Cytek Biosciences Stock Up 31.4 %
Shares of CTKB stock traded up $1.71 on Wednesday, reaching $7.15. The company’s stock had a trading volume of 1,746,378 shares, compared to its average volume of 674,922. The company has a market capitalization of $940.30 million, a P/E ratio of -50.35 and a beta of 1.32. The stock’s 50 day simple moving average is $5.20 and its 200-day simple moving average is $5.65. Cytek Biosciences has a 12-month low of $3.80 and a 12-month high of $9.87.
Analysts Set New Price Targets
Separately, Piper Sandler reduced their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company 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.
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