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

Cytek Biosciences (NASDAQ:CTKB)‘s stock had its “overweight” rating reissued by analysts at 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 would suggest a potential upside of 39.05% from the company’s previous close.

CTKB has been the topic of a number of other reports. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler decreased their price objective 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 Stock Up 1.8 %

CTKB traded up $0.08 during mid-day trading on Wednesday, reaching $4.32. 25,152 shares of the company traded hands, compared to its average volume of 675,935. The company’s fifty day moving average price is $5.29 and its 200-day moving average price is $5.65. Cytek Biosciences has a 52-week low of $3.52 and a 52-week high of $7.63. The stock has a market capitalization of $552.74 million, a P/E ratio of -53.93 and a beta of 1.41.

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

Hedge Funds Weigh In On Cytek Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of CTKB. Principal Financial Group Inc. lifted its position in Cytek Biosciences by 4.8% in the third quarter. Principal Financial Group Inc. now owns 503,172 shares of the company’s stock valued at $2,788,000 after buying an additional 23,028 shares during the last quarter. GSA Capital Partners LLP boosted its position in shares of Cytek Biosciences by 158.6% during the 3rd quarter. GSA Capital Partners LLP now owns 37,884 shares of the company’s stock worth $210,000 after acquiring an additional 23,237 shares in the last quarter. Royce & Associates LP increased its stake in Cytek Biosciences by 51.8% in the third quarter. Royce & Associates LP now owns 181,394 shares of the company’s stock valued at $1,005,000 after purchasing an additional 61,916 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Cytek Biosciences by 5.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $463,000 after acquiring an additional 4,096 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Cytek Biosciences in the 3rd quarter valued at about $128,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.