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

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

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

Cytek Biosciences Stock Performance

CTKB traded down $0.01 during trading on Tuesday, reaching $4.30. The company had a trading volume of 189,530 shares, compared to its average volume of 788,951. Cytek Biosciences has a 12-month low of $4.20 and a 12-month high of $8.44. The company has a market cap of $553.24 million, a price-to-earnings ratio of -53.74 and a beta of 1.40. The firm’s 50-day simple moving average is $5.79 and its 200 day simple moving average is $5.75.

Cytek Biosciences announced that its board has initiated a stock repurchase plan on Monday, December 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Cytek Biosciences during the fourth quarter valued at $142,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cytek Biosciences by 12.8% in the 4th 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 buying an additional 22,433 shares during the period. Teza Capital Management LLC purchased a new stake in shares of Cytek Biosciences in the fourth quarter valued at approximately $75,000. State of Wyoming raised its holdings in shares of Cytek Biosciences by 40.2% in the 4th quarter. State of Wyoming now owns 39,772 shares of the company’s stock valued at $258,000 after purchasing an additional 11,394 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Cytek Biosciences during the 4th quarter valued at $74,000. 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.