Cytek Biosciences (NASDAQ:CTKB - Get Free Report) had its price target lowered by investment analysts at Piper Sandler from $8.50 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 76.60% from the company's current price.
Separately, The Goldman Sachs Group set a $5.25 price objective on Cytek Biosciences in a research report on Sunday, February 2nd.
Get Our Latest Research Report on CTKB
Cytek Biosciences Trading Up 1.6 %
Cytek Biosciences stock traded up $0.07 during midday trading on Tuesday, reaching $4.53. 717,763 shares of the stock traded hands, compared to its average volume of 812,670. The firm has a market cap of $580.28 million, a PE ratio of -56.62 and a beta of 1.41. The company has a 50-day simple moving average of $5.66 and a two-hundred day simple moving average of $5.72. Cytek Biosciences has a 12-month low of $4.20 and a 12-month high of $7.63.
Cytek Biosciences declared that its Board of Directors has initiated a share 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.
Hedge Funds Weigh In On Cytek Biosciences
Large investors have recently made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its position in shares of Cytek Biosciences by 6.8% in the third quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company's stock valued at $285,000 after acquiring an additional 3,300 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Cytek Biosciences by 8.0% in the 3rd quarter. State of Alaska Department of Revenue now owns 60,785 shares of the company's stock valued at $336,000 after purchasing an additional 4,521 shares in the last quarter. Olympiad Research LP acquired a new stake in shares of Cytek Biosciences during the 3rd quarter worth about $72,000. Principal Financial Group Inc. grew its holdings in shares of Cytek Biosciences by 4.8% during the third quarter. Principal Financial Group Inc. now owns 503,172 shares of the company's stock worth $2,788,000 after buying an additional 23,028 shares in the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of Cytek Biosciences by 158.6% during the third quarter. GSA Capital Partners LLP now owns 37,884 shares of the company's stock worth $210,000 after buying an additional 23,237 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company's stock.
About Cytek Biosciences
(
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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.
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