Cytek Biosciences (CTKB) Projected to Post Quarterly Earnings on Thursday

Cytek Biosciences (NASDAQ:CTKB) is expected to be issuing its quarterly earnings data after the market closes on Thursday, February 27th. Analysts expect the company to announce earnings of $0.05 per share and revenue of $59.38 million for the quarter.

Cytek Biosciences Stock Down 3.0 %

Shares of Cytek Biosciences stock opened at $5.20 on Friday. The firm has a market cap of $669.81 million, a price-to-earnings ratio of -64.99 and a beta of 1.40. The business has a fifty day simple moving average of $6.00 and a 200-day simple moving average of $5.77. Cytek Biosciences has a fifty-two week low of $4.66 and a fifty-two week high of $9.33.

Cytek Biosciences declared that its board has authorized a stock repurchase plan on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

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

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.