Cytek Biosciences (NASDAQ:CTKB) Given New $7.50 Price Target at Piper Sandler

Cytek Biosciences (NASDAQ:CTKB) had its target price decreased by equities research analysts at Piper Sandler from $8.00 to $7.50 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 57.40% from the company’s current price.

CTKB has been the subject of a number of other research reports. Zacks Research cut Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cytek Biosciences in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $5.50.

Cytek Biosciences Stock Performance

Shares of NASDAQ:CTKB traded up $0.02 on Tuesday, reaching $4.77. The company’s stock had a trading volume of 438,435 shares, compared to its average volume of 978,443. The company has a 50-day simple moving average of $3.95 and a 200 day simple moving average of $3.62. Cytek Biosciences has a 52-week low of $2.37 and a 52-week high of $7.30. The company has a market cap of $609.28 million, a P/E ratio of -47.65 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 28th. The company reported $0.04 EPS for the quarter. The firm had revenue of $40.48 million during the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. On average, equities research analysts forecast that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in Cytek Biosciences by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 520,743 shares of the company’s stock worth $2,088,000 after purchasing an additional 13,818 shares during the period. CWM LLC grew its position in shares of Cytek Biosciences by 1,637.7% during the 1st quarter. CWM LLC now owns 18,020 shares of the company’s stock worth $72,000 after buying an additional 16,983 shares in the last quarter. Allianz Asset Management GmbH grew its position in shares of Cytek Biosciences by 46.0% during the 1st quarter. Allianz Asset Management GmbH now owns 74,000 shares of the company’s stock worth $297,000 after buying an additional 23,300 shares in the last quarter. Royce & Associates LP increased its stake in shares of Cytek Biosciences by 20.2% during the first quarter. Royce & Associates LP now owns 565,819 shares of the company’s stock valued at $2,269,000 after buying an additional 95,000 shares during the period. Finally, Corton Capital Inc. bought a new stake in shares of Cytek Biosciences in the first quarter valued at about $65,000. Institutional investors own 69.46% of the company’s stock.

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.