Cytek Biosciences’ (CTKB) “Overweight” Rating Reiterated at Stephens

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

Several other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler decreased their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $4.20 on Wednesday. The firm has a 50 day simple moving average of $5.13 and a 200-day simple moving average of $5.62. The stock has a market cap of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41. Cytek Biosciences has a 1-year low of $4.00 and a 1-year high of $7.63.

Cytek Biosciences announced that its board has authorized a stock repurchase program on Monday, December 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several institutional investors have recently modified their holdings of the stock. State Street Corp lifted its position in 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 acquiring an additional 194,369 shares during the last quarter. Geode Capital Management LLC raised 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 buying an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Cytek Biosciences by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock valued at $11,880,000 after acquiring an additional 262,607 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Cytek Biosciences by 11.4% during the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock worth $7,712,000 after purchasing an additional 121,268 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Cytek Biosciences by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock valued at $6,899,000 after buying an additional 32,028 shares during the period. 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.