Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped down prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CTKB shares. The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler decreased 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 firm has a market capitalization of $552.74 million, a price-to-earnings ratio of -53.93 and a beta of 1.41. The business’s 50-day moving average price is $5.58 and its 200 day moving average price is $5.72.

Cytek Biosciences declared that its board has authorized a share repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC boosted its holdings in Cytek Biosciences by 799.8% in the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after purchasing an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Cytek Biosciences during the 4th quarter valued at approximately $25,000. GAMMA Investing LLC grew its position in shares of Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Cytek Biosciences by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after buying an additional 4,665 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Cytek Biosciences in the fourth quarter worth $71,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.