Cytek Biosciences (NASDAQ:CTKB) Hits New 12-Month Low – Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) reached a new 52-week low during trading on Thursday . The stock traded as low as $4.04 and last traded at $4.06, with a volume of 1380106 shares trading hands. The stock had previously closed at $4.22.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. Stephens reiterated an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday. Finally, The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Price Performance

The business’s 50 day moving average is $5.24 and its 200-day moving average is $5.64. The company has a market cap of $520.07 million, a PE ratio of -50.74 and a beta of 1.41.

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

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC lifted its position in shares of Cytek Biosciences by 799.8% during the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after buying an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Cytek Biosciences in the fourth quarter valued at $25,000. GAMMA Investing LLC boosted its stake in 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 acquiring an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Cytek Biosciences by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after purchasing an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Cytek Biosciences during the fourth quarter worth about $71,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.