Cytek Biosciences’ (CTKB) Overweight Rating Reaffirmed at Stephens

Cytek Biosciences (NASDAQ:CTKB)‘s stock had its “overweight” rating reaffirmed by analysts at Stephens in a research note issued on Wednesday,Benzinga reports. They currently have a $6.00 price target on the stock. Stephens’ target price would suggest a potential upside of 39.05% from the stock’s previous close.

CTKB has been the topic of several other reports. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a research report on Sunday, February 2nd. Piper Sandler lowered their price objective 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 Price Performance

CTKB traded up $0.08 during trading on Wednesday, hitting $4.32. The company’s stock had a trading volume of 25,152 shares, compared to its average volume of 675,935. The stock has a market cap of $552.74 million, a PE ratio of -53.93 and a beta of 1.41. Cytek Biosciences has a twelve month low of $3.52 and a twelve month high of $7.63. The firm’s 50 day moving average price is $5.29 and its 200-day moving average price is $5.65.

Cytek Biosciences announced that its Board of Directors has authorized a stock buyback program on Monday, December 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

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

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.