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

Cytek Biosciences (NASDAQ:CTKB)‘s stock had its “overweight” rating restated by Stephens in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $6.00 price objective on the stock. Stephens’ target price points to a potential upside of 47.78% from the company’s current price.

CTKB has been the subject of several other research reports. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research report on Sunday, February 2nd. Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB opened at $4.06 on Wednesday. Cytek Biosciences has a 1-year low of $4.04 and a 1-year high of $7.63. The business’s 50 day moving average is $5.18 and its two-hundred day moving average is $5.63. The stock has a market capitalization of $520.07 million, a P/E ratio of -50.74 and a beta of 1.41.

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

Institutional Trading of Cytek Biosciences

A number of large investors have recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after purchasing an additional 194,369 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after purchasing an additional 89,210 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Cytek Biosciences by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock valued at $11,880,000 after purchasing an additional 262,607 shares during the period. Northern Trust Corp boosted its holdings in shares of Cytek Biosciences by 11.4% in the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock valued at $7,712,000 after purchasing an additional 121,268 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cytek Biosciences by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock valued at $6,899,000 after purchasing an additional 32,028 shares during the period. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.