Insider Buying: Cytek Biosciences, Inc. (NASDAQ:CTKB) CFO Acquires 35,000 Shares of Stock

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) CFO William D. Mccombe purchased 35,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $2.78 per share, for a total transaction of $97,300.00. Following the completion of the transaction, the chief financial officer now owns 55,746 shares of the company's stock, valued at $154,973.88. This represents a 168.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cytek Biosciences Price Performance

NASDAQ CTKB traded down $0.06 on Thursday, hitting $3.34. 3,049,948 shares of the company were exchanged, compared to its average volume of 781,559. The company's 50 day moving average price is $3.35 and its 200-day moving average price is $4.86. The firm has a market capitalization of $423.04 million, a P/E ratio of -41.74 and a beta of 1.26. Cytek Biosciences, Inc. has a twelve month low of $2.37 and a twelve month high of $7.63.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.05). Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The business had revenue of $41.46 million for the quarter, compared to analysts' expectations of $43.18 million. As a group, equities analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Stephens reiterated an "overweight" rating and issued a $6.00 price target on shares of Cytek Biosciences in a research report on Wednesday, March 19th. The Goldman Sachs Group cut their price objective on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a report on Monday, May 12th. Piper Sandler cut their price objective on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. Morgan Stanley cut their price objective on Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Finally, TD Cowen downgraded Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price objective on the stock. in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $5.60.

Hedge Funds Weigh In On Cytek Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in Cytek Biosciences by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company's stock valued at $11,880,000 after acquiring an additional 262,607 shares in the last quarter. Topline Capital Management LLC grew its stake in Cytek Biosciences by 521.6% during the 1st quarter. Topline Capital Management LLC now owns 1,470,775 shares of the company's stock valued at $5,898,000 after acquiring an additional 1,234,179 shares in the last quarter. Northern Trust Corp grew its stake in Cytek Biosciences by 11.4% during the 4th quarter. Northern Trust Corp now owns 1,188,331 shares of the company's stock valued at $7,712,000 after acquiring an additional 121,268 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Cytek Biosciences by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,104,889 shares of the company's stock valued at $4,431,000 after acquiring an additional 41,899 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of 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. Hedge funds and other institutional investors own 69.46% of the company's stock.

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.