Cytek Biosciences (NASDAQ:CTKB) Announces Quarterly Earnings Results

Cytek Biosciences (NASDAQ:CTKB) announced its earnings results on Tuesday. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03, Zacks reports. The firm had revenue of $51.50 million for the quarter, compared to the consensus estimate 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 last year, the company posted ($0.03) EPS. Cytek Biosciences updated its FY 2024 guidance to EPS.

Cytek Biosciences Price Performance

Shares of CTKB traded up $1.61 during mid-day trading on Wednesday, hitting $7.05. 2,539,782 shares of the company’s stock were exchanged, compared to its average volume of 678,927. The company has a market cap of $927.15 million, a PE ratio of -50.50 and a beta of 1.32. Cytek Biosciences has a 52 week low of $3.80 and a 52 week high of $9.87. The company has a 50-day simple moving average of $5.20 and a 200 day simple moving average of $5.64.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler decreased their price target 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.