Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price 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.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CTKB shares. Piper Sandler reduced 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 target price on shares of Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Stock Performance

The company has a fifty day simple moving average of $5.58 and a two-hundred day simple moving average of $5.72. The company has a market capitalization of $552.74 million, a price-to-earnings ratio of -53.93 and a beta of 1.41.

Cytek Biosciences declared that its board has authorized a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its holdings in Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after purchasing an additional 194,369 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cytek Biosciences by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after buying an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cytek Biosciences by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after buying an additional 262,607 shares during the period. Northern Trust Corp boosted its holdings in Cytek Biosciences by 11.4% in the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock valued at $7,712,000 after acquiring an additional 121,268 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Cytek Biosciences by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock valued at $6,899,000 after acquiring an additional 32,028 shares during the period. Hedge funds and other 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.