Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.36, but opened at $4.21. Cytek Biosciences shares last traded at $4.35, with a volume of 129,232 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler lowered their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Stock Performance

The business’s fifty day moving average price is $5.49 and its 200-day moving average price is $5.70. The stock has a market cap of $534.16 million, a PE ratio of -52.12 and a beta of 1.41.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Sterling Capital Management LLC grew its stake 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 valued at $25,000 after purchasing an additional 3,455 shares during the period. Aquatic Capital Management LLC purchased a new position in shares of Cytek Biosciences in the fourth quarter worth approximately $25,000. GAMMA Investing LLC grew its position in Cytek Biosciences by 280.3% during 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 during the period. PNC Financial Services Group Inc. increased its holdings in Cytek Biosciences by 111.5% during 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 during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Cytek Biosciences in the fourth quarter worth approximately $71,000. Institutional investors 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.