Cytek Biosciences (NASDAQ:CTKB) Trading Up 2.2% – What’s Next?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) were up 2.2% during trading on Friday . The company traded as high as $4.09 and last traded at $4.15. Approximately 241,808 shares were traded during trading, a decline of 64% from the average daily volume of 680,270 shares. The stock had previously closed at $4.06.

Analyst Upgrades and Downgrades

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

Cytek Biosciences Price Performance

The stock’s 50-day moving average price is $5.13 and its 200-day moving average price is $5.62. The company has a market cap of $538.01 million, a P/E ratio of -52.49 and a beta of 1.41.

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

Institutional Investors Weigh In On Cytek Biosciences

A number of institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC lifted its position in Cytek Biosciences by 799.8% during the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after purchasing an additional 3,455 shares during the period. Aquatic Capital Management LLC bought a new stake in Cytek Biosciences during the fourth quarter worth about $25,000. GAMMA Investing LLC lifted its position in 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 purchasing an additional 3,635 shares during the period. PNC Financial Services Group Inc. lifted its position in 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 purchasing an additional 4,665 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in Cytek Biosciences during the fourth quarter worth about $71,000. Institutional investors 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.