Cytek Biosciences (NASDAQ:CTKB) Hits New 1-Year Low – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $3.97 and last traded at $4.02, with a volume of 305831 shares. The stock had previously closed at $4.10.

Analysts Set New Price Targets

CTKB has been the topic of several recent research reports. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research report on Sunday, February 2nd. Stephens reiterated an “overweight” rating and set a $6.00 price objective on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Finally, Piper Sandler reduced their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th.

Cytek Biosciences Trading Down 2.4 %

The firm has a market capitalization of $512.39 million, a P/E ratio of -49.99 and a beta of 1.41. The firm has a 50 day moving average price of $4.95 and a 200-day moving average price of $5.59.

Cytek Biosciences announced that its board has initiated a stock buyback program on Monday, December 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Large investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of Cytek Biosciences by 321.8% during the fourth quarter. Millennium Management LLC now owns 803,923 shares of the company’s stock valued at $5,217,000 after purchasing an additional 613,314 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Cytek Biosciences during the fourth quarter valued at approximately $2,527,000. JPMorgan Chase & Co. boosted its holdings in shares of Cytek Biosciences by 58.3% in the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company’s stock valued at $6,150,000 after purchasing an additional 349,146 shares during the period. Royce & Associates LP grew its stake in Cytek Biosciences by 159.6% in the fourth quarter. Royce & Associates LP now owns 470,819 shares of the company’s stock worth $3,056,000 after purchasing an additional 289,425 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cytek Biosciences by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after purchasing an additional 262,607 shares during the period. 69.46% of the stock is 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.