Piper Sandler Cuts Cytek Biosciences (NASDAQ:CTKB) Price Target to $8.50

Cytek Biosciences (NASDAQ:CTKBFree Report) had its price objective cut by Piper Sandler from $10.00 to $8.50 in a report released on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Separately, The Goldman Sachs Group upped their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the company a buy rating in a research report on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $8.63.

Read Our Latest Report on CTKB

Cytek Biosciences Stock Performance

Cytek Biosciences stock opened at $6.18 on Monday. Cytek Biosciences has a 12-month low of $3.80 and a 12-month high of $9.87. The firm has a 50-day moving average price of $6.45 and a 200-day moving average price of $7.21.

Cytek Biosciences (NASDAQ:CTKBGet Free Report) last announced its quarterly earnings data on Wednesday, March 13th. The company reported $0.04 earnings per share (EPS) for the quarter. The business had revenue of $58.23 million during the quarter, compared to the consensus estimate of $56.66 million. Cytek Biosciences had a negative net margin of 5.73% and a negative return on equity of 1.78%. As a group, analysts predict that Cytek Biosciences will post -0.07 earnings per share for the current fiscal year.

Insider Activity at Cytek Biosciences

In other Cytek Biosciences news, CTO Ming Yan sold 20,000 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $5.87, for a total transaction of $117,400.00. Following the transaction, the chief technology officer now directly owns 5,988,502 shares in the company, valued at approximately $35,152,506.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 41,900 shares of company stock worth $266,100. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CTKB. Vanguard Group Inc. lifted its position in shares of Cytek Biosciences by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock worth $80,606,000 after purchasing an additional 122,105 shares during the period. New York State Common Retirement Fund lifted its holdings in Cytek Biosciences by 25.6% during the fourth quarter. New York State Common Retirement Fund now owns 2,947,986 shares of the company’s stock worth $26,886,000 after buying an additional 599,971 shares during the period. Wellington Management Group LLP boosted its position in Cytek Biosciences by 7.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,445,538 shares of the company’s stock valued at $7,979,000 after acquiring an additional 99,170 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Cytek Biosciences by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock valued at $8,026,000 after acquiring an additional 44,345 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Cytek Biosciences by 8.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 825,580 shares of the company’s stock worth $4,557,000 after acquiring an additional 65,551 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

About Cytek Biosciences

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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.

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