Cytek Biosciences (NASDAQ:CTKB) Cut to Sell at The Goldman Sachs Group

Cytek Biosciences (NASDAQ:CTKB) was downgraded by research analysts at The Goldman Sachs Group from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. They currently have a $4.50 price target on the stock, down from their prior price target of $7.00. The Goldman Sachs Group’s target price points to a potential downside of 12.62% from the company’s current price.

Separately, Piper Sandler lifted their price objective on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Trading Down 9.0 %

Shares of CTKB stock opened at $5.15 on Friday. The stock has a market capitalization of $663.37 million, a price-to-earnings ratio of -64.37 and a beta of 1.44. Cytek Biosciences has a 12-month low of $4.66 and a 12-month high of $9.33. The stock’s 50-day moving average price is $6.36 and its 200-day moving average price is $5.87.

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 analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $51.50 million for the quarter, compared to the consensus estimate 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 previous year, the company posted ($0.03) EPS. As a group, research analysts predict that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Cytek Biosciences declared that its Board of Directors has approved a share buyback program on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its stake in shares of Cytek Biosciences by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock valued at $357,000 after acquiring an additional 2,460 shares during the period. Everence Capital Management Inc. raised its position in Cytek Biosciences by 20.9% in the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after purchasing an additional 2,900 shares during the period. Louisiana State Employees Retirement System lifted its stake in Cytek Biosciences by 6.8% in the third quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock worth $285,000 after purchasing an additional 3,300 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Cytek Biosciences by 0.7% during the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock valued at $3,290,000 after buying an additional 3,753 shares during the last quarter. 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.