Cytek Biosciences (NASDAQ:CTKB) Trading Up 2.2% – Time to Buy?

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

Analysts Set New Price Targets

Several equities analysts have issued reports on CTKB shares. Piper Sandler cut their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. Stephens reiterated an “overweight” rating and issued a $6.00 target price on shares of Cytek Biosciences in a research note on Wednesday. Finally, The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Price Performance

The stock has a market cap of $536.09 million, a price-to-earnings ratio of -52.29 and a beta of 1.41. The stock has a fifty day moving average of $5.18 and a 200 day moving average of $5.63.

Cytek Biosciences announced that its Board of Directors has approved a stock buyback program on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several large investors have recently added to or reduced their stakes in CTKB. Millennium Management LLC grew its holdings in Cytek Biosciences by 321.8% in the 4th quarter. Millennium Management LLC now owns 803,923 shares of the company’s stock valued at $5,217,000 after buying an additional 613,314 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Cytek Biosciences in the 4th quarter valued at $2,527,000. JPMorgan Chase & Co. grew its holdings in Cytek Biosciences by 58.3% in the 4th quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company’s stock valued at $6,150,000 after buying an additional 349,146 shares in the last quarter. Royce & Associates LP grew its holdings in Cytek Biosciences by 159.6% in the 4th quarter. Royce & Associates LP now owns 470,819 shares of the company’s stock valued at $3,056,000 after buying an additional 289,425 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Cytek Biosciences by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock valued at $11,880,000 after buying an additional 262,607 shares in the last quarter. 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.