Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 3.3%

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares dropped 3.3% during mid-day trading on Tuesday . The company traded as low as $6.16 and last traded at $6.18. Approximately 159,064 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 727,375 shares. The stock had previously closed at $6.39.

Wall Street Analysts Forecast Growth

CTKB has been the subject of a number of research analyst reports. Stephens initiated coverage on Cytek Biosciences in a report on Thursday, December 14th. They issued an “overweight” rating and a $9.00 target price for the company. The Goldman Sachs Group increased their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Finally, Piper Sandler cut their price objective on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Cytek Biosciences Price Performance

The company has a fifty day moving average of $7.85 and a 200-day moving average of $7.08. The firm has a market capitalization of $877.80 million, a PE ratio of -67.10 and a beta of 1.41.

Insiders Place Their Bets

In other Cytek Biosciences news, CTO Ming Yan sold 20,000 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $6.77, for a total transaction of $135,400.00. Following the transaction, the chief technology officer now directly owns 6,030,402 shares of the company’s stock, valued at $40,825,821.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its position in shares of Cytek Biosciences by 222.0% in the third quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock valued at $30,000 after purchasing an additional 1,430 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Cytek Biosciences by 68.5% in the third quarter. Tower Research Capital LLC TRC now owns 5,811 shares of the company’s stock valued at $32,000 after purchasing an additional 2,362 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Cytek Biosciences in the fourth quarter valued at about $36,000. State of Wyoming grew its position in shares of Cytek Biosciences by 101.0% in the second quarter. State of Wyoming now owns 4,632 shares of the company’s stock valued at $40,000 after purchasing an additional 2,328 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Cytek Biosciences by 6,269.8% in the third quarter. UBS Group AG now owns 4,013 shares of the company’s stock valued at $59,000 after purchasing an additional 3,950 shares during the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

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.