Cytek Biosciences (NASDAQ:CTKB) Sets New 1-Year Low – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $4.04 and last traded at $4.06, with a volume of 1380106 shares changing hands. The stock had previously closed at $4.22.

Analysts Set New Price Targets

CTKB has been the topic of a number of recent analyst reports. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research report on Sunday, February 2nd. Stephens restated an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a research report on Wednesday. Finally, Piper Sandler cut 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.

Cytek Biosciences Stock Up 3.4 %

The firm has a market capitalization of $538.01 million, a PE ratio of -52.49 and a beta of 1.41. The business’s 50-day moving average price is $5.13 and its 200-day moving average price is $5.62.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its position in shares of Cytek Biosciences by 321.8% during the fourth quarter. Millennium Management LLC now owns 803,923 shares of the company’s stock valued at $5,217,000 after buying an additional 613,314 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Cytek Biosciences in the fourth quarter valued at approximately $2,527,000. JPMorgan Chase & Co. grew its holdings in Cytek Biosciences by 58.3% during the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company’s stock valued at $6,150,000 after purchasing an additional 349,146 shares during the period. Royce & Associates LP lifted its holdings in shares of Cytek Biosciences by 159.6% during the 4th quarter. Royce & Associates LP now owns 470,819 shares of the company’s stock valued at $3,056,000 after purchasing an additional 289,425 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Cytek Biosciences by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after buying an additional 262,607 shares during the period. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.