Cytek Biosciences (NASDAQ:CTKB) Cut to Sell at The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of Cytek Biosciences (NASDAQ:CTKB) from a buy rating to a sell rating in a research report report published on Friday morning, Marketbeat Ratings reports. The Goldman Sachs Group currently has $4.50 price objective on the stock, down from their prior price objective of $7.00.

Separately, Piper Sandler raised their price target on shares of Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, November 11th.

Cytek Biosciences Price Performance

CTKB opened at $5.15 on Friday. The company’s 50 day simple moving average is $6.36 and its two-hundred day simple moving average is $5.87. Cytek Biosciences has a 1-year low of $4.66 and a 1-year high of $9.33. The firm has a market capitalization of $663.37 million, a price-to-earnings ratio of -64.37 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The firm had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. During the same quarter last year, the firm earned ($0.03) EPS. On average, equities analysts anticipate that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Cytek Biosciences by 280.3% in the fourth 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. Olympiad Research LP purchased a new stake in Cytek Biosciences in the third quarter valued at $72,000. Everence Capital Management Inc. lifted its position in Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock valued at $93,000 after acquiring an additional 2,900 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Cytek Biosciences in the third quarter valued at $128,000. Finally, XTX Topco Ltd purchased a new stake in Cytek Biosciences in the third quarter valued at $145,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.