Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Here’s What Happened

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped down before the market opened on Friday . The stock had previously closed at $5.66, but opened at $5.08. Cytek Biosciences shares last traded at $5.30, with a volume of 181,448 shares traded.

Analysts Set New Price Targets

Several research firms have weighed in on CTKB. Piper Sandler upped their price objective on shares of Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, November 11th. The Goldman Sachs Group cut shares of Cytek Biosciences from a “buy” rating to a “sell” rating and lowered their price target for the company from $7.00 to $4.50 in a report on Friday.

Cytek Biosciences Trading Down 9.0 %

The firm has a market capitalization of $663.37 million, a price-to-earnings ratio of -64.37 and a beta of 1.44. The company has a fifty day moving average price of $6.36 and a 200-day moving average price of $5.87.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The firm had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. During the same period in the previous year, the company earned ($0.03) earnings per share. As a group, sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences declared that its board has approved a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of Cytek Biosciences by 280.3% in the 4th 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. Olympiad Research LP bought a new position in shares of Cytek Biosciences in the third quarter valued at approximately $72,000. Everence Capital Management Inc. lifted its stake in shares of Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after buying an additional 2,900 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Cytek Biosciences during the 3rd quarter worth $128,000. Finally, XTX Topco Ltd acquired a new position in Cytek Biosciences in the 3rd quarter valued at $145,000. Institutional investors and hedge funds 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.