Piper Sandler Lowers Cytek Biosciences (NASDAQ:CTKB) Price Target to $8.00

Cytek Biosciences (NASDAQ:CTKB) had its price target lowered by research analysts at Piper Sandler from $8.50 to $8.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 50.94% from the company’s previous close.

Cytek Biosciences Trading Down 0.9 %

CTKB opened at $5.30 on Tuesday. The firm has a market capitalization of $695.75 million, a PE ratio of -58.89 and a beta of 1.33. Cytek Biosciences has a twelve month low of $3.80 and a twelve month high of $9.87. The firm’s 50-day moving average price is $5.89 and its 200 day moving average price is $6.53.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). The business had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. As a group, analysts predict that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of CTKB. Vanguard Group Inc. boosted its holdings in Cytek Biosciences by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock valued at $108,443,000 after purchasing an additional 811,279 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Cytek Biosciences by 25.6% in the 4th quarter. New York State Common Retirement Fund now owns 2,947,986 shares of the company’s stock valued at $26,886,000 after purchasing an additional 599,971 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cytek Biosciences in the 2nd quarter valued at about $1,305,000. Squarepoint Ops LLC boosted its holdings in Cytek Biosciences by 1,013.8% in the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock valued at $1,045,000 after purchasing an additional 170,539 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Cytek Biosciences by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after purchasing an additional 89,615 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.