Cytek Biosciences (NASDAQ:CTKB) Board of Directors Declares Stock Buyback Program

Cytek Biosciences (NASDAQ:CTKB) declared that its Board of Directors has approved a share buyback plan on Monday, December 30th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Cytek Biosciences Trading Up 2.5 %

NASDAQ:CTKB traded up $0.16 during mid-day trading on Monday, hitting $6.55. The company’s stock had a trading volume of 476,364 shares, compared to its average volume of 684,404. Cytek Biosciences has a fifty-two week low of $4.66 and a fifty-two week high of $9.33. The company has a market capitalization of $843.71 million, a price-to-earnings ratio of -81.86 and a beta of 1.46. The stock has a fifty day moving average of $6.18 and a 200-day moving average of $5.79.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The firm had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. During the same quarter in the prior year, the business posted ($0.03) earnings per share. On average, equities analysts anticipate that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Piper Sandler upped their price objective on shares of Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, November 11th.

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.