Cytek Biosciences (NASDAQ:CTKB) to Buyback $50.00 million in Stock

Cytek Biosciences (NASDAQ:CTKB) declared that its board has approved a share buyback program on Monday, December 30th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Separately, Piper Sandler lifted their price target on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB traded up $0.16 during mid-day trading on Monday, reaching $6.55. 476,364 shares of the company traded hands, compared to its average volume of 684,404. Cytek Biosciences has a fifty-two week low of $4.66 and a fifty-two week high of $9.33. The firm has a market cap of $843.71 million, a PE ratio of -81.86 and a beta of 1.46. The stock has a fifty day simple moving average of $6.18 and a 200-day simple moving average of $5.79.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $50.63 million. During the same period in the previous year, the company posted ($0.03) EPS. As a group, analysts predict that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

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.