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

Cytek Biosciences (NASDAQ:CTKB) had its price target reduced by equities researchers at Piper Sandler from $8.50 to $8.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 86.26% from the stock’s current price.

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

Cytek Biosciences Price Performance

CTKB traded down $0.01 on Tuesday, reaching $4.30. 189,530 shares of the company’s stock were exchanged, compared to its average volume of 788,951. The stock has a market cap of $553.24 million, a PE ratio of -53.74 and a beta of 1.40. The stock’s fifty day moving average price is $5.79 and its 200-day moving average price is $5.75. Cytek Biosciences has a twelve month low of $4.20 and a twelve month high of $8.44.

Cytek Biosciences announced that its board has authorized a share buyback plan 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 plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cytek Biosciences by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,074 shares of the company’s stock worth $448,000 after purchasing an additional 2,373 shares during the last quarter. State of Tennessee Department of Treasury boosted its holdings in Cytek Biosciences by 4.4% during the fourth quarter. State of Tennessee Department of Treasury now owns 70,502 shares of the company’s stock valued at $458,000 after purchasing an additional 3,003 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Cytek Biosciences by 6.8% in the 3rd 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. Sterling Capital Management LLC lifted its stake in shares of 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 purchasing an additional 3,455 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of 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 period. Institutional investors 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.