Cytek Biosciences (NASDAQ:CTKB) Hits New 52-Week Low – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Cytek Biosciences Stock Performance

The company has a market cap of $475.24 million, a price-to-earnings ratio of -46.37 and a beta of 1.41. The firm’s 50-day moving average price is $4.73 and its 200 day moving average price is $5.53.

Cytek Biosciences announced that its board has approved a share repurchase program on Monday, December 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CTKB. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Cytek Biosciences in the fourth quarter valued at about $142,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cytek Biosciences by 12.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 197,058 shares of the company’s stock valued at $1,279,000 after acquiring an additional 22,433 shares during the last quarter. Teza Capital Management LLC acquired a new stake in shares of Cytek Biosciences in the 4th quarter valued at approximately $75,000. State of Wyoming raised its position in shares of Cytek Biosciences by 40.2% in the 4th quarter. State of Wyoming now owns 39,772 shares of the company’s stock valued at $258,000 after acquiring an additional 11,394 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Cytek Biosciences during the 4th quarter worth approximately $74,000. Institutional investors and hedge funds 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.