Cytek Biosciences, Inc. (NASDAQ:CTKB) CFO Purchases $97,300.00 in Stock

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

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB traded up $0.10 during mid-day trading on Friday, reaching $3.44. The company had a trading volume of 1,565,061 shares, compared to its average volume of 786,937. Cytek Biosciences, Inc. has a twelve month low of $2.37 and a twelve month high of $7.63. The stock has a market capitalization of $435.71 million, a PE ratio of -42.99 and a beta of 1.26. The stock's 50 day moving average is $3.32 and its 200-day moving average is $4.83.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.05). Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The company had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. On average, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CTKB. TD Cowen cut Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price target on the stock. in a report on Friday, May 9th. The Goldman Sachs Group cut their target price on shares of Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a research note on Monday, May 12th. Piper Sandler cut their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 4th. Stephens reissued an "overweight" rating and set a $6.00 target price on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Finally, Morgan Stanley cut their target price on shares of Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $5.60.

Hedge Funds Weigh In On Cytek Biosciences

Several hedge funds have recently bought and sold shares of CTKB. Topline Capital Management LLC increased its position in Cytek Biosciences by 521.6% during the first quarter. Topline Capital Management LLC now owns 1,470,775 shares of the company's stock worth $5,898,000 after buying an additional 1,234,179 shares during the last quarter. CenterBook Partners LP acquired a new position in Cytek Biosciences during the first quarter worth $3,390,000. Jacobs Levy Equity Management Inc. acquired a new position in Cytek Biosciences during the first quarter worth $2,841,000. Millennium Management LLC increased its position in Cytek Biosciences by 321.8% during the fourth quarter. Millennium Management LLC now owns 803,923 shares of the company's stock worth $5,217,000 after buying an additional 613,314 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Cytek Biosciences by 394.4% during the first quarter. AQR Capital Management LLC now owns 653,277 shares of the company's stock worth $2,620,000 after buying an additional 521,135 shares during the last quarter. 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.