Piper Sandler Forecasts Strong Price Appreciation for Cytek Biosciences (NASDAQ:CTKB) Stock

Cytek Biosciences (NASDAQ:CTKB) had its price target hoisted by analysts at Piper Sandler from $8.00 to $8.50 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 20.74% from the company’s current price.

Cytek Biosciences Stock Down 1.5 %

NASDAQ:CTKB opened at $7.04 on Monday. The firm has a market capitalization of $925.83 million, a PE ratio of -89.36 and a beta of 1.32. Cytek Biosciences has a 12-month low of $4.66 and a 12-month high of $9.87. The firm has a 50-day moving average price of $5.32 and a 200 day moving average price of $5.68.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. The firm had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period in the prior year, the company posted ($0.03) earnings per share. On average, research analysts expect that Cytek Biosciences will post -0.11 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CTKB. Vanguard Group Inc. raised its position in Cytek Biosciences by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock valued at $80,606,000 after purchasing an additional 122,105 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cytek Biosciences during the 2nd quarter worth about $1,305,000. Millennium Management LLC grew its holdings in Cytek Biosciences by 3,452.2% during the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after acquiring an additional 919,845 shares during the last quarter. SlateStone Wealth LLC acquired a new stake in Cytek Biosciences in the 2nd quarter valued at about $70,000. Finally, Squarepoint Ops LLC raised its stake in shares of Cytek Biosciences by 1,013.8% in the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock worth $1,045,000 after acquiring an additional 170,539 shares during the last quarter. 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.