Cytek Biosciences (NASDAQ:CTKB) Hits New 12-Month Low – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares reached a new 52-week low on Wednesday . The company traded as low as $4.19 and last traded at $4.20, with a volume of 159932 shares. The stock had previously closed at $4.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Piper Sandler cut their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research report on Sunday, February 2nd.

Cytek Biosciences Stock Up 1.4 %

The stock has a market capitalization of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41. The business has a 50-day simple moving average of $5.44 and a two-hundred day simple moving average of $5.68.

Cytek Biosciences declared that its board has initiated a stock buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CTKB. Sterling Capital Management LLC increased its holdings in shares of Cytek Biosciences by 799.8% in the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after buying an additional 3,455 shares in the last quarter. Aquatic Capital Management LLC bought a new position in shares of Cytek Biosciences in the fourth quarter valued at $25,000. GAMMA Investing LLC increased its holdings in shares of Cytek Biosciences by 280.3% in 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 in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after buying an additional 4,665 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Cytek Biosciences in the fourth quarter valued at $71,000. 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.