Piper Sandler Cuts Cytek Biosciences (NASDAQ:CTKB) Price Target to $8.00

Cytek Biosciences (NASDAQ:CTKB) had its price objective lowered by Piper Sandler from $8.50 to $8.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

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

Cytek Biosciences Stock Down 0.2 %

Shares of NASDAQ:CTKB opened at $4.46 on Tuesday. The firm’s 50 day moving average price is $5.66 and its 200 day moving average price is $5.72. The stock has a market cap of $571.31 million, a price-to-earnings ratio of -55.74 and a beta of 1.41. Cytek Biosciences has a fifty-two week low of $4.20 and a fifty-two week high of $7.63.

Cytek Biosciences announced that its Board of Directors has authorized a stock buyback plan on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Cytek Biosciences by 4.9% during 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 in the last quarter. Geode Capital Management LLC raised its holdings 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 purchasing an additional 89,210 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 262,607 shares in the last quarter. Northern Trust Corp raised its holdings 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 purchasing an additional 121,268 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings 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 purchasing an additional 32,028 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.