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

Cytek Biosciences (NASDAQ:CTKB - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities researchers at Stephens in a report released on Wednesday,Benzinga reports. They currently have a $6.00 price target on the stock. Stephens' target price suggests a potential upside of 42.86% from the company's previous close.

Several other brokerages have also recently issued reports on CTKB. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler cut their price target on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th.

Cytek Biosciences Stock Up 3.4 %

Shares of Cytek Biosciences stock traded up $0.14 on Wednesday, hitting $4.20. The stock had a trading volume of 2,770,866 shares, compared to its average volume of 689,469. Cytek Biosciences has a twelve month low of $4.00 and a twelve month high of $7.63. The business's 50 day moving average is $5.13 and its two-hundred day moving average is $5.63. The stock has a market cap of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41.

Cytek Biosciences announced that its board has authorized a stock repurchase program on Monday, December 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

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Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Cytek Biosciences during the fourth quarter worth $142,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cytek Biosciences by 12.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 197,058 shares of the company's stock worth $1,279,000 after purchasing an additional 22,433 shares during the last quarter. Teza Capital Management LLC bought a new stake in Cytek Biosciences during the fourth quarter worth $75,000. State of Wyoming lifted its stake in Cytek Biosciences by 40.2% during the fourth quarter. State of Wyoming now owns 39,772 shares of the company's stock worth $258,000 after purchasing an additional 11,394 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Cytek Biosciences during the fourth quarter worth $74,000. 69.46% of the stock is currently owned by 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.