Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Purchased by Royce & Associates LP

Royce & Associates LP lifted its position in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 159.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 470,819 shares of the company’s stock after acquiring an additional 289,425 shares during the period. Royce & Associates LP owned 0.37% of Cytek Biosciences worth $3,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its position in 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 buying an additional 194,369 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Cytek Biosciences during the third quarter worth approximately $1,012,000. Barclays PLC lifted its position in Cytek Biosciences by 333.6% during the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock worth $1,116,000 after buying an additional 154,915 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Cytek Biosciences during the fourth quarter worth approximately $765,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Cytek Biosciences by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after buying an additional 113,127 shares in the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Down 0.5 %

NASDAQ:CTKB opened at $4.22 on Thursday. Cytek Biosciences, Inc. has a 52 week low of $4.05 and a 52 week high of $7.63. The company has a market capitalization of $540.57 million, a P/E ratio of -52.74 and a beta of 1.41. The stock’s fifty day moving average is $5.24 and its two-hundred day moving average is $5.64.

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

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler reduced their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 price objective on Cytek Biosciences in a research report on Sunday, February 2nd. Finally, Stephens restated an “overweight” rating and issued a $6.00 target price on shares of Cytek Biosciences in a research report on Wednesday.

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.