Piper Sandler Cuts Cytek Biosciences (NASDAQ:CTKB) Price Target to $7.50

Cytek Biosciences (NASDAQ:CTKB) had its price target trimmed by Piper Sandler from $8.00 to $7.50 in a report issued on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently commented on CTKB. Weiss Ratings restated a “sell (e+)” rating on shares of Cytek Biosciences in a research note on Wednesday, October 8th. Zacks Research lowered shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.50.

Cytek Biosciences Trading Down 5.0%

Cytek Biosciences stock opened at $4.57 on Tuesday. The firm has a 50 day simple moving average of $3.99 and a 200 day simple moving average of $3.64. Cytek Biosciences has a 1-year low of $2.37 and a 1-year high of $7.30. The firm has a market capitalization of $584.34 million, a price-to-earnings ratio of -45.70 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share (EPS) for the quarter. The firm had revenue of $40.48 million for the quarter. Cytek Biosciences had a negative return on equity of 3.35% and a negative net margin of 6.51%. On average, equities research analysts forecast that Cytek Biosciences will post -0.06 EPS for the current year.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. Topline Capital Management LLC increased its position in shares of Cytek Biosciences by 255.7% during the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock valued at $17,786,000 after purchasing an additional 3,760,485 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cytek Biosciences by 1.6% in the second quarter. Geode Capital Management LLC now owns 2,729,593 shares of the company’s stock worth $9,282,000 after buying an additional 42,916 shares in the last quarter. Royce & Associates LP grew its position in Cytek Biosciences by 26.9% during the third quarter. Royce & Associates LP now owns 1,763,262 shares of the company’s stock valued at $6,119,000 after acquiring an additional 373,456 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Cytek Biosciences by 89.6% during the second quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company’s stock worth $4,211,000 after acquiring an additional 585,116 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Cytek Biosciences by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,104,889 shares of the company’s stock worth $4,431,000 after acquiring an additional 41,899 shares in the last quarter. 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.