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

Cytek Biosciences (NASDAQ:CTKB) had its price objective increased by Piper Sandler from $8.00 to $8.50 in a research note published on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Cytek Biosciences Stock Down 5.3 %

CTKB opened at $6.42 on Monday. Cytek Biosciences has a 52-week low of $4.66 and a 52-week high of $9.87. The company has a market cap of $826.96 million, a price-to-earnings ratio of -80.24 and a beta of 1.32. The firm’s fifty day simple moving average is $5.40 and its two-hundred day simple moving average is $5.71.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The firm had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. During the same quarter last year, the firm earned ($0.03) earnings per share. On average, research analysts forecast that Cytek Biosciences will post -0.07 EPS for the current year.

Institutional Trading of Cytek Biosciences

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Cytek Biosciences by 1.0% during the first quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock worth $80,606,000 after acquiring an additional 122,105 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cytek Biosciences in the second quarter valued at about $1,305,000. Millennium Management LLC lifted its position in Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after buying an additional 919,845 shares during the last quarter. SlateStone Wealth LLC acquired a new stake in shares of Cytek Biosciences during the second quarter valued at about $70,000. Finally, Squarepoint Ops LLC raised its stake in shares of 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 acquiring an additional 170,539 shares during the period. Hedge funds and other 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.