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

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares reached 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 changing hands. The stock had previously closed at $4.22.

Analyst Upgrades and Downgrades

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

Cytek Biosciences Stock Performance

The stock has a market cap of $538.01 million, a PE ratio of -52.49 and a beta of 1.41. The stock has a 50 day moving average of $5.13 and a two-hundred day moving average of $5.62.

Cytek Biosciences announced that its board has approved a stock buyback plan on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its position in Cytek Biosciences by 4.8% in the 3rd quarter. Principal Financial Group Inc. now owns 503,172 shares of the company’s stock valued at $2,788,000 after acquiring an additional 23,028 shares in the last quarter. GSA Capital Partners LLP grew its stake in shares of Cytek Biosciences by 158.6% during the 3rd quarter. GSA Capital Partners LLP now owns 37,884 shares of the company’s stock worth $210,000 after purchasing an additional 23,237 shares during the period. Thrivent Financial for Lutherans increased its position in Cytek Biosciences by 5.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $463,000 after purchasing an additional 4,096 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Cytek Biosciences during the 3rd quarter valued at $128,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cytek Biosciences by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after buying an additional 113,127 shares in the last quarter. Institutional investors own 69.46% of the company’s stock.

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.