Cytek Biosciences’ (CTKB) Overweight Rating Reaffirmed at Stephens

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

A number of other research firms have also weighed in on CTKB. The Goldman Sachs Group set a $5.25 price objective on Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th.

Cytek Biosciences Price Performance

NASDAQ:CTKB opened at $4.22 on Wednesday. The company’s fifty day moving average price is $5.24 and its 200-day moving average price is $5.64. Cytek Biosciences has a 1-year low of $4.05 and a 1-year high of $7.63. The firm has a market capitalization of $540.57 million, a P/E ratio of -52.74 and a beta of 1.41.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its stake in shares of Cytek Biosciences by 799.8% during the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after acquiring an additional 3,455 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in Cytek Biosciences in the 4th quarter worth about $25,000. GAMMA Investing LLC boosted its position in Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after purchasing an additional 4,665 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cytek Biosciences in the fourth quarter valued at approximately $71,000. 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.