Share Repurchase Program Declared by Cytek Biosciences (NASDAQ:CTKB) Board of Directors

Cytek Biosciences (NASDAQ:CTKB) declared that its board has authorized a share buyback program on Monday, December 30th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Cytek Biosciences Stock Down 0.9 %

Shares of NASDAQ:CTKB opened at $6.49 on Wednesday. Cytek Biosciences has a 52-week low of $4.66 and a 52-week high of $9.33. The company has a 50 day moving average of $6.21 and a two-hundred day moving average of $5.80. The company has a market capitalization of $835.98 million, a price-to-earnings ratio of -81.11 and a beta of 1.46.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the business posted ($0.03) EPS. On average, equities analysts anticipate that Cytek Biosciences will post -0.06 earnings per share for the current year.

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.