Cytek Biosciences (NASDAQ:CTKB) Given New $8.00 Price Target at Piper Sandler

Cytek Biosciences (NASDAQ:CTKB) had its price target decreased by Piper Sandler from $8.50 to $8.00 in a research report released on Tuesday,Benzinga reports. Piper Sandler 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 research report on Sunday, February 2nd.

Cytek Biosciences Trading Down 0.2 %

Shares of CTKB opened at $4.46 on Tuesday. The firm has a market cap of $571.31 million, a PE ratio of -55.74 and a beta of 1.41. The company’s 50 day simple moving average is $5.66 and its 200-day simple moving average is $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 has authorized a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aquatic Capital Management LLC purchased a new position in Cytek Biosciences in the 4th quarter valued at $25,000. Sterling Capital Management LLC grew its position in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after buying an additional 3,455 shares during the last quarter. GAMMA Investing LLC grew its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after buying an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Cytek Biosciences in the 4th quarter valued at $71,000. 69.46% of the stock is currently 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.