Cytek Biosciences (NASDAQ:CTKB) Hits New 52-Week Low – What’s Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares reached a new 52-week low on Friday . The company traded as low as $3.97 and last traded at $4.02, with a volume of 305831 shares traded. The stock had previously closed at $4.10.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler cut their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a report on Sunday, February 2nd. Finally, Stephens reiterated an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th.

Cytek Biosciences Price Performance

The firm’s fifty day moving average is $4.92 and its two-hundred day moving average is $5.58. The firm has a market capitalization of $512.39 million, a PE ratio of -49.99 and a beta of 1.41.

Cytek Biosciences declared that its Board of Directors has authorized a share repurchase program on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of CTKB. Sterling Capital Management LLC grew its stake in Cytek Biosciences by 799.8% in 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 bought a new position in Cytek Biosciences during the fourth quarter valued at about $25,000. GAMMA Investing LLC increased its holdings in Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after acquiring an additional 4,665 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in Cytek Biosciences in the fourth quarter valued at about $71,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.