Cytek Biosciences (NASDAQ:CTKB) PT Lowered to $8.00 at Piper Sandler

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

Cytek Biosciences Stock Up 2.1 %

Cytek Biosciences stock opened at $5.41 on Tuesday. Cytek Biosciences has a 52 week low of $3.80 and a 52 week high of $9.87. The company has a market capitalization of $710.19 million, a price-to-earnings ratio of -60.11 and a beta of 1.33. The stock has a 50-day moving average price of $5.88 and a 200 day moving average price of $6.52.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Tuesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. The firm had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. During the same period last year, the firm earned ($0.02) EPS. Research analysts anticipate that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CTKB. Federated Hermes Inc. acquired a new position in Cytek Biosciences in the fourth quarter valued at approximately $36,000. SlateStone Wealth LLC acquired a new position in Cytek Biosciences in the second quarter valued at approximately $70,000. Quadrature Capital Ltd purchased a new stake in shares of Cytek Biosciences in the first quarter valued at approximately $102,000. Dark Forest Capital Management LP increased its position in shares of Cytek Biosciences by 85.3% in the second quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock valued at $118,000 after buying an additional 9,711 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Cytek Biosciences in the second quarter valued at approximately $140,000. 69.46% of the stock is owned by institutional investors and hedge funds.

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.