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

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

Cytek Biosciences Stock Performance

Shares of Cytek Biosciences stock opened at $6.78 on Monday. Cytek Biosciences has a fifty-two week low of $4.66 and a fifty-two week high of $9.87. The company has a market capitalization of $873.33 million, a P/E ratio of -84.74 and a beta of 1.32. The company has a fifty day moving average of $5.38 and a 200 day moving average of $5.70.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company posted ($0.03) earnings per share. Analysts forecast that Cytek Biosciences will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Cytek Biosciences

Several institutional investors have recently bought and sold shares of the stock. Millennium Management LLC lifted its stake in Cytek Biosciences by 3,452.2% in the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after purchasing an additional 919,845 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Cytek Biosciences in the second quarter worth about $1,305,000. Squarepoint Ops LLC boosted its stake in Cytek Biosciences by 1,013.8% during the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock valued at $1,045,000 after buying an additional 170,539 shares during the last quarter. Algert Global LLC grew its holdings in Cytek Biosciences by 133.2% during the 2nd quarter. Algert Global LLC now owns 295,275 shares of the company’s stock valued at $1,648,000 after buying an additional 168,665 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new stake in Cytek Biosciences in the 2nd quarter worth approximately $869,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.