Cytek Biosciences (NASDAQ:CTKB) Trading 6.6% Higher

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares shot up 6.6% during mid-day trading on Monday . The stock traded as high as $6.14 and last traded at $6.14. 459,914 shares changed hands during trading, a decline of 36% from the average session volume of 719,975 shares. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CTKB. The Goldman Sachs Group upped their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Piper Sandler cut their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Cytek Biosciences Trading Up 5.9 %

The company has a fifty day moving average price of $6.96 and a two-hundred day moving average price of $7.10.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Wednesday, March 13th. The company reported $0.04 earnings per share for the quarter. Cytek Biosciences had a negative return on equity of 1.40% and a negative net margin of 6.29%. The business had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $56.66 million. On average, analysts forecast that Cytek Biosciences, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Cytek Biosciences

In related news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $6.77, for a total value of $135,400.00. Following the sale, the chief technology officer now owns 6,030,402 shares of the company’s stock, valued at approximately $40,825,821.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 41,900 shares of company stock valued at $266,100. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Cytek Biosciences by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock worth $108,443,000 after acquiring an additional 811,279 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Cytek Biosciences by 25.6% during the 4th quarter. New York State Common Retirement Fund now owns 2,947,986 shares of the company’s stock valued at $26,886,000 after acquiring an additional 599,971 shares during the period. Wellington Management Group LLP lifted its position in shares of Cytek Biosciences by 7.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,445,538 shares of the company’s stock valued at $7,979,000 after acquiring an additional 99,170 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Cytek Biosciences by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock valued at $8,026,000 after acquiring an additional 44,345 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Cytek Biosciences by 8.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 825,580 shares of the company’s stock valued at $4,557,000 after acquiring an additional 65,551 shares during the period. 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.