Stephens Reiterates “Overweight” Rating for Cytek Biosciences (NASDAQ:CTKB)

Cytek Biosciences (NASDAQ:CTKB)‘s stock had its “overweight” rating reissued by equities researchers at Stephens in a note issued to investors on Wednesday,Benzinga reports. They presently have a $6.00 target price on the stock. Stephens’ target price points to a potential upside of 47.78% from the company’s current price.

A number of other equities research analysts have also recently commented on CTKB. Piper Sandler decreased their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Stock Down 3.8 %

NASDAQ:CTKB opened at $4.06 on Wednesday. The business’s 50-day simple moving average is $5.18 and its two-hundred day simple moving average is $5.63. The stock has a market cap of $520.07 million, a PE ratio of -50.74 and a beta of 1.41. Cytek Biosciences has a 52 week low of $4.04 and a 52 week high of $7.63.

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

Institutional Investors Weigh In On Cytek Biosciences

Several large investors have recently made changes to their positions in the company. State Street Corp increased its holdings in shares of Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after purchasing an additional 194,369 shares during the last quarter. Geode Capital Management LLC increased its stake in Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after acquiring an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cytek Biosciences by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after acquiring an additional 262,607 shares during the last quarter. Northern Trust Corp increased its stake in Cytek Biosciences by 11.4% during the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock worth $7,712,000 after acquiring an additional 121,268 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Cytek Biosciences by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock worth $6,899,000 after acquiring an additional 32,028 shares during the last quarter. 69.46% of the stock is owned by institutional investors.

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.