Cytek Biosciences (NASDAQ:CTKB) Sets New 1-Year Low - Here's What Happened

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

Analyst Upgrades and Downgrades

CTKB has been the subject of a number of recent research reports. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler dropped their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research note on Tuesday.

Cytek Biosciences Trading Up 0.2 %

The firm has a market capitalization of $555.18 million, a PE ratio of -53.87 and a beta of 1.40. The business's 50 day simple moving average is $5.74 and its 200 day simple moving average is $5.74.

Cytek Biosciences declared that its board has approved a share repurchase program on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Large investors have recently made changes to their positions in the company. Aquatic Capital Management LLC purchased a new position in shares of Cytek Biosciences during the 4th quarter worth about $25,000. Sterling Capital Management LLC boosted its stake 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 worth $25,000 after purchasing an additional 3,455 shares during the period. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 3,635 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Cytek Biosciences by 111.5% during the 4th 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 during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of Cytek Biosciences during the 4th quarter worth about $71,000. 69.46% of the stock is owned by hedge funds and other 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.