Cytek Biosciences (NASDAQ:CTKB) Sets New 52-Week Low - Here's Why

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report)'s stock price hit 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 changing hands. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

CTKB has been the subject of several recent analyst reports. Stephens reaffirmed an "overweight" rating and issued a $6.00 target price on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Piper Sandler decreased their price objective on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Stock Down 1.1 %

The stock's 50 day moving average price is $4.69 and its two-hundred day moving average price is $5.53. The firm has a market capitalization of $470.12 million, a price-to-earnings ratio of -45.87 and a beta of 1.41.

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

Institutional Investors Weigh In On Cytek Biosciences

Institutional investors have recently made changes to their positions in the company. Aquatic Capital Management LLC bought a new position in Cytek Biosciences during the fourth quarter valued at approximately $25,000. Sterling Capital Management LLC raised its holdings in shares of Cytek Biosciences by 799.8% during the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company's stock valued at $25,000 after purchasing an additional 3,455 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company's stock valued at $32,000 after purchasing an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company's stock worth $57,000 after purchasing an additional 4,665 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Cytek Biosciences during the fourth quarter worth $71,000. 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.