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Cytek Biosciences, Inc. (CTKB) Surges 10.3%: Is This an Indication of Further Gains?
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Cytek Biosciences, Inc. (CTKB - Free Report) shares ended the last trading session 10.3% higher at $8.90. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.4% gain over the past four weeks.
The sudden rise in the stock price was observed after the company reported encouraging preliminary (unaudited) revenue results for the full year 2023. Per the press release, Cytek expects its full year revenue for 2023 to be near the high end of the most recent revenue guidance range of $188 million to $192 million, provided on Nov 9, 2023.
This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -57.1%. Revenues are expected to be $54.41 million, up 12.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Cytek Biosciences, Inc., the consensus EPS estimate for the quarter has been revised 50% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CTKB going forward to see if this recent jump can turn into more strength down the road.
Cytek Biosciences, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. Exelixis (EXEL - Free Report) , another stock in the same industry, closed the last trading session 3% lower at $22.54. EXEL has returned 5.6% in the past month.
Exelixis' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.30. Compared to the company's year-ago EPS, this represents a change of +1100%. Exelixis currently boasts a Zacks Rank of #3 (Hold).
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Cytek Biosciences, Inc. (CTKB) Surges 10.3%: Is This an Indication of Further Gains?
Cytek Biosciences, Inc. (CTKB - Free Report) shares ended the last trading session 10.3% higher at $8.90. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.4% gain over the past four weeks.
The sudden rise in the stock price was observed after the company reported encouraging preliminary (unaudited) revenue results for the full year 2023. Per the press release, Cytek expects its full year revenue for 2023 to be near the high end of the most recent revenue guidance range of $188 million to $192 million, provided on Nov 9, 2023.
This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -57.1%. Revenues are expected to be $54.41 million, up 12.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Cytek Biosciences, Inc., the consensus EPS estimate for the quarter has been revised 50% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CTKB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Cytek Biosciences, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. Exelixis (EXEL - Free Report) , another stock in the same industry, closed the last trading session 3% lower at $22.54. EXEL has returned 5.6% in the past month.
Exelixis' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.30. Compared to the company's year-ago EPS, this represents a change of +1100%. Exelixis currently boasts a Zacks Rank of #3 (Hold).