Cytek Biosciences (NASDAQ:CTKB) Hits New 52-Week Low – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.88 and last traded at $3.99, with a volume of 838376 shares trading hands. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CTKB. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research note on Sunday, February 2nd. Stephens reiterated an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Finally, Piper Sandler lowered their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th.

Cytek Biosciences Price Performance

The stock’s fifty day simple moving average is $4.81 and its two-hundred day simple moving average is $5.56. The company has a market capitalization of $511.11 million, a price-to-earnings ratio of -49.87 and a beta of 1.41.

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. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cytek Biosciences by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after purchasing an additional 113,127 shares during the last quarter. Barclays PLC increased its holdings in shares of Cytek Biosciences by 333.6% in the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock worth $1,116,000 after acquiring an additional 154,915 shares during the period. Geode Capital Management LLC lifted its position in Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after purchasing an additional 89,210 shares during the last quarter. State Street Corp boosted its stake in Cytek Biosciences by 4.9% during the 3rd 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. Finally, Thrivent Financial for Lutherans grew its position in Cytek Biosciences by 5.1% in 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 during the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.