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

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

A number of other institutional investors have also modified their holdings of the company. State Street Corp grew its stake in shares of Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after buying an additional 194,369 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after buying an additional 89,210 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cytek Biosciences by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock valued at $6,899,000 after buying an additional 32,028 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Cytek Biosciences by 1.6% in the fourth quarter. Bank of New York Mellon Corp now owns 730,709 shares of the company’s stock valued at $4,742,000 after buying an additional 11,665 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Cytek Biosciences by 4.8% in the third quarter. FMR LLC now owns 667,076 shares of the company’s stock valued at $3,696,000 after buying an additional 30,386 shares in the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Stephens reaffirmed an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday. Piper Sandler lowered their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th. 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

CTKB opened at $4.22 on Thursday. Cytek Biosciences, Inc. has a 12 month low of $4.05 and a 12 month high of $7.63. The stock has a market capitalization of $540.57 million, a price-to-earnings ratio of -52.74 and a beta of 1.41. The business has a fifty day moving average price of $5.24 and a 200 day moving average price of $5.64.

Cytek Biosciences declared that its board has initiated a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Cytek Biosciences 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.