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

The Goldman Sachs Group downgraded shares of Cytek Biosciences (NASDAQ:CTKB) from a buy rating to a sell rating in a research report released on Friday morning, MarketBeat reports. They currently have $4.50 price objective on the stock, down from their prior price objective of $7.00.

Separately, Piper Sandler raised their target price on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Stock Performance

CTKB stock opened at $5.15 on Friday. The firm’s 50-day moving average is $6.36 and its two-hundred day moving average is $5.88. Cytek Biosciences has a 52 week low of $4.66 and a 52 week high of $9.33.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03. The firm had revenue of $51.50 million for the quarter, compared to analysts’ expectations 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 earned ($0.03) earnings per share. Equities analysts anticipate that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its position in shares of Cytek Biosciences by 3,452.2% in the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after purchasing an additional 919,845 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Cytek Biosciences in the second quarter worth about $1,305,000. State Street Corp raised its holdings in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after acquiring an additional 194,369 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Cytek Biosciences during the 3rd quarter worth approximately $1,012,000. Finally, Squarepoint Ops LLC boosted its position in Cytek Biosciences by 1,013.8% during the 2nd 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 period. 69.46% of the stock is currently 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.