Cytek Biosciences (NASDAQ:CTKB) Receives “Overweight” Rating from Stephens

Stephens reaffirmed their overweight rating on shares of Cytek Biosciences (NASDAQ:CTKB) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $6.00 target price on the stock.

A number of other analysts have also issued reports on the company. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th.

Cytek Biosciences Trading Down 0.5 %

CTKB stock opened at $4.22 on Wednesday. Cytek Biosciences has a 12-month low of $4.05 and a 12-month high of $7.63. The business’s 50-day moving average is $5.24 and its 200 day moving average is $5.64. The stock has a market cap of $540.57 million, a price-to-earnings ratio of -52.74 and a beta of 1.41.

Cytek Biosciences announced that its board has initiated a share repurchase plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Cytek Biosciences in the 4th quarter valued at $142,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cytek Biosciences by 12.8% during 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 valued at $1,279,000 after acquiring an additional 22,433 shares during the last quarter. Teza Capital Management LLC purchased a new stake in shares of Cytek Biosciences in the fourth quarter valued at about $75,000. State of Wyoming increased its position in Cytek Biosciences by 40.2% during the fourth quarter. State of Wyoming now owns 39,772 shares of the company’s stock worth $258,000 after purchasing an additional 11,394 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Cytek Biosciences during the fourth quarter worth about $74,000. Hedge funds and other 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.