Cytek Biosciences (NASDAQ:CTKB) Reaches New 52-Week Low – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price hit a new 52-week low during trading on Thursday . The company 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

A number of research firms recently issued reports on CTKB. Stephens reissued an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday. Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Price Performance

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

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

Institutional Trading of Cytek Biosciences

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

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.