Cytek Biosciences (NASDAQ:CTKB) Trading Down 5.5% – Here’s Why

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) dropped 5.5% during trading on Wednesday . The stock traded as low as $5.74 and last traded at $5.67. Approximately 24,403 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 778,774 shares. The stock had previously closed at $6.00.

Analyst Ratings Changes

A number of research firms have recently weighed in on CTKB. The Goldman Sachs Group lowered Cytek Biosciences from a “buy” rating to a “sell” rating and cut their price objective for the stock from $7.00 to $4.50 in a research report on Friday. Piper Sandler upped their price target on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Price Performance

The company has a market cap of $729.06 million, a PE ratio of -70.74 and a beta of 1.44. The business’s 50 day moving average is $6.38 and its 200-day moving average is $5.89.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period in the previous year, the business earned ($0.03) EPS. As a group, sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

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

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in CTKB. Charles Schwab Investment Management Inc. increased its position in Cytek Biosciences by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after buying an additional 113,127 shares during the period. Barclays PLC increased its holdings in shares of Cytek Biosciences by 333.6% in the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after acquiring an additional 154,915 shares during the period. Geode Capital Management LLC raised its position in Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after purchasing an additional 89,210 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Cytek Biosciences in the 2nd quarter valued at $1,305,000. Finally, State Street Corp boosted its stake 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 during the period. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.