Cytek Biosciences (NASDAQ:CTKB) Shares Down 5.5% – What’s Next?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) dropped 5.5% on Wednesday . The stock traded as low as $5.74 and last traded at $5.67. Approximately 24,403 shares were traded 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.

Wall Street Analyst Weigh In

Separately, Piper Sandler lifted their price objective on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Price Performance

The firm’s fifty day moving average is $6.41 and its 200-day moving average is $5.89. The firm has a market cap of $727.13 million, a price-to-earnings ratio of -70.59 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last announced its 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. The company had revenue of $51.50 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned ($0.03) EPS. As a group, equities research analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

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

Hedge Funds Weigh In On Cytek Biosciences

Institutional investors have recently modified their holdings of the company. Millennium Management LLC grew its position in Cytek Biosciences by 3,452.2% in the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after purchasing an additional 919,845 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Cytek Biosciences during the second quarter valued at about $1,305,000. State Street Corp increased its position in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after acquiring an additional 194,369 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Cytek Biosciences in the 3rd quarter valued at about $1,012,000. Finally, Squarepoint Ops LLC boosted its stake in Cytek Biosciences by 1,013.8% during the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock valued at $1,045,000 after purchasing an additional 170,539 shares during the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

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.