Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down - What's Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.36, but opened at $4.21. Cytek Biosciences shares last traded at $4.35, with a volume of 129,232 shares trading hands.

Wall Street Analysts Forecast Growth

CTKB has been the topic of a number of analyst reports. Piper Sandler lowered their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Stock Performance

The company has a market capitalization of $538.01 million, a P/E ratio of -52.49 and a beta of 1.41. The business's fifty day simple moving average is $5.39 and its 200-day simple moving average is $5.67.

Cytek Biosciences announced that its Board of Directors has initiated a share repurchase plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of CTKB. Sterling Capital Management LLC increased its holdings in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company's stock valued at $25,000 after acquiring an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in Cytek Biosciences in the 4th quarter valued at $25,000. GAMMA Investing LLC increased its holdings in 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 acquiring an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company's stock valued at $57,000 after acquiring an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in Cytek Biosciences in the 4th quarter valued at $71,000. 69.46% of the stock is currently owned by institutional investors.

Remove Ads

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.