Cytek Biosciences (NASDAQ:CTKB) Hits New 12-Month Low – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares hit a new 52-week low on Wednesday . The stock traded as low as $4.19 and last traded at $4.20, with a volume of 159932 shares. The stock had previously closed at $4.28.

Analyst Ratings Changes

CTKB has been the subject of several recent research reports. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler lowered their target price 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.

Cytek Biosciences Stock Up 1.4 %

The firm has a market capitalization of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41. The stock has a 50 day moving average of $5.44 and a 200 day moving average of $5.68.

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

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CTKB. Sterling Capital Management LLC boosted its stake 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 acquired a new position in shares of Cytek Biosciences during the fourth quarter worth approximately $25,000. GAMMA Investing LLC boosted its position in shares of 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 period. PNC Financial Services Group Inc. boosted its position in shares of 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 during the period. Finally, Proficio Capital Partners LLC acquired a new position in shares of Cytek Biosciences during the fourth quarter worth approximately $71,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.