Cytek Biosciences (NASDAQ:CTKB) Reaches New 12-Month Low - What's Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report)'s share price hit a new 52-week low on Friday . The company traded as low as $3.97 and last traded at $4.02, with a volume of 305831 shares traded. The stock had previously closed at $4.10.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CTKB shares. Stephens restated an "overweight" rating and issued a $6.00 target price on shares of Cytek Biosciences in a research report on Wednesday, March 19th. The Goldman Sachs Group set a $5.25 price objective on Cytek Biosciences in a research report on Sunday, February 2nd. Finally, Piper Sandler dropped their target price 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.

Cytek Biosciences Price Performance

The company has a market capitalization of $502.14 million, a price-to-earnings ratio of -48.99 and a beta of 1.41. The company's 50-day moving average price is $4.85 and its two-hundred day moving average price is $5.57.

Cytek Biosciences declared that its Board of Directors has initiated a stock buyback program on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Cytek Biosciences by 12.3% during 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 in the last quarter. Barclays PLC raised its position in Cytek Biosciences by 333.6% in the 3rd quarter. Barclays PLC now owns 201,359 shares of the company's stock valued at $1,116,000 after buying an additional 154,915 shares during the last quarter. Geode Capital Management LLC raised 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 buying an additional 89,210 shares during the last quarter. State Street Corp lifted 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 acquiring an additional 194,369 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Cytek Biosciences by 5.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company's stock worth $463,000 after acquiring an additional 4,096 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors.

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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.