Cytek Biosciences (NASDAQ:CTKB) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) saw unusually-high trading volume on Tuesday . Approximately 1,615,348 shares traded hands during mid-day trading, an increase of 109% from the previous session’s volume of 771,646 shares.The stock last traded at $5.07 and had previously closed at $5.15.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CTKB shares. Piper Sandler increased their price target on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th. The Goldman Sachs Group lowered Cytek Biosciences from a “buy” rating to a “sell” rating and dropped their price objective for the company from $7.00 to $4.50 in a research note on Friday, January 31st.

Cytek Biosciences Trading Down 1.3 %

The company’s 50 day moving average is $6.22 and its 200-day moving average is $5.83. The company has a market capitalization of $655.00 million, a P/E ratio of -63.60 and a beta of 1.40.

Cytek Biosciences announced that its board has approved 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 generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of CTKB. American Century Companies Inc. lifted its stake in Cytek Biosciences by 10.7% in the fourth quarter. American Century Companies Inc. now owns 204,745 shares of the company’s stock worth $1,329,000 after purchasing an additional 19,802 shares during the last quarter. Summit Global Investments acquired a new position in Cytek Biosciences in the 4th quarter worth about $235,000. Teacher Retirement System of Texas acquired a new stake in shares of Cytek Biosciences in the fourth quarter valued at about $692,000. Intech Investment Management LLC grew its position in Cytek Biosciences by 114.8% in the fourth quarter. Intech Investment Management LLC now owns 49,704 shares of the company’s stock worth $323,000 after acquiring an additional 26,567 shares during the period. Finally, Cibc World Markets Corp purchased a new position in Cytek Biosciences in the 4th quarter valued at approximately $74,000. 69.46% of the stock is currently 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.