Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – What’s Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock 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 changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CTKB shares. Piper Sandler decreased their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Trading Down 2.6 %

The company has a market cap of $534.16 million, a PE ratio of -52.12 and a beta of 1.41. The business’s 50 day moving average is $5.49 and its two-hundred day moving average is $5.70.

Cytek Biosciences declared that its Board of Directors has approved a stock buyback plan on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cytek Biosciences by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,074 shares of the company’s stock worth $448,000 after purchasing an additional 2,373 shares in the last quarter. State of Tennessee Department of Treasury grew its stake in Cytek Biosciences by 4.4% during the fourth quarter. State of Tennessee Department of Treasury now owns 70,502 shares of the company’s stock valued at $458,000 after acquiring an additional 3,003 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after acquiring an additional 3,455 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock worth $3,290,000 after purchasing an additional 3,753 shares in the last quarter. Hedge funds and other 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.