Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – What’s Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped down prior to trading on Friday . The stock had previously closed at $5.66, but opened at $5.08. Cytek Biosciences shares last traded at $5.30, with a volume of 181,448 shares.

Wall Street Analysts Forecast Growth

CTKB has been the subject of several recent analyst reports. The Goldman Sachs Group downgraded Cytek Biosciences from a “buy” rating to a “sell” rating and lowered their price target for the stock from $7.00 to $4.50 in a report on Friday. Piper Sandler boosted their price target on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Price Performance

The stock has a 50 day simple moving average of $6.38 and a two-hundred day simple moving average of $5.89. The company has a market cap of $694.93 million, a price-to-earnings ratio of -67.30 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The business had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. During the same quarter in the prior year, the company posted ($0.03) EPS. As a group, research analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences announced that its Board of Directors has authorized a stock buyback program on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Cytek Biosciences

Several large investors have recently bought and sold shares of CTKB. GAMMA Investing LLC lifted its holdings in shares of Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares during the period. Olympiad Research LP purchased a new stake in shares of Cytek Biosciences in the third quarter valued at $72,000. Everence Capital Management Inc. grew its position in shares of Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock valued at $93,000 after purchasing an additional 2,900 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Cytek Biosciences in the third quarter valued at $128,000. Finally, XTX Topco Ltd purchased a new stake in shares of Cytek Biosciences in the third quarter valued at $145,000. Hedge funds and other 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.