Cytek Biosciences (NASDAQ:CTKB) Price Target Cut to $8.00 by Analysts at Piper Sandler

Cytek Biosciences (NASDAQ:CTKB) had its price target trimmed by Piper Sandler from $8.50 to $8.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Stock Performance

NASDAQ:CTKB opened at $4.31 on Tuesday. Cytek Biosciences has a one year low of $4.20 and a one year high of $8.44. The firm has a market cap of $555.18 million, a price-to-earnings ratio of -53.87 and a beta of 1.40. The firm’s fifty day moving average is $5.74 and its two-hundred day moving average is $5.74.

Cytek Biosciences announced that its board has initiated a stock repurchase program on Monday, December 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CTKB. Aquatic Capital Management LLC acquired a new stake in Cytek Biosciences in the 4th quarter valued at about $25,000. Sterling Capital Management LLC raised its holdings in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after acquiring an additional 3,455 shares during the last quarter. GAMMA Investing LLC raised its holdings in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after acquiring an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after acquiring an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in Cytek Biosciences in the 4th quarter valued at about $71,000. Institutional investors and hedge funds 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.