Cytek Biosciences (NASDAQ:CTKB) Reaches New 12-Month Low – Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price hit a new 52-week low on Thursday . The company traded as low as $3.88 and last traded at $3.99, with a volume of 838376 shares traded. The stock had previously closed at $3.92.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CTKB shares. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research note on Sunday, February 2nd. Stephens reissued an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Finally, Piper Sandler cut their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th.

Cytek Biosciences Stock Performance

The stock has a 50 day moving average of $4.81 and a two-hundred day moving average of $5.56. The stock has a market cap of $511.11 million, a PE ratio of -49.87 and a beta of 1.41.

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

Institutional Investors Weigh In On Cytek Biosciences

Large investors have recently made changes to their positions in the company. State Street Corp grew its position in Cytek Biosciences by 4.9% during the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after buying an additional 89,210 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings 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 valued at $11,880,000 after buying an additional 262,607 shares in the last quarter. Northern Trust Corp raised its position in Cytek Biosciences by 11.4% during the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock valued at $7,712,000 after buying an additional 121,268 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Cytek Biosciences by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock worth $6,899,000 after acquiring an additional 32,028 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.