Cytek Biosciences (NASDAQ:CTKB) Sets New 52-Week Low – Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $4.22 and last traded at $4.61, with a volume of 92166 shares changing hands. The stock had previously closed at $4.81.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CTKB shares. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Piper Sandler boosted their price objective on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Price Performance

The business has a 50-day moving average of $5.87 and a two-hundred day moving average of $5.76. The company has a market cap of $578.36 million, a P/E ratio of -56.12 and a beta of 1.40.

Cytek Biosciences announced that its board has authorized a share repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its holdings in Cytek Biosciences by 799.8% in the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after purchasing an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Cytek Biosciences in the 4th quarter worth $25,000. GAMMA Investing LLC grew its stake in Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after buying an additional 4,665 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Cytek Biosciences during the 4th quarter valued at about $71,000. 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.