Cytek Biosciences (NASDAQ:CTKB) Trading Up 8.9% - Here's Why

Key Points

• Cytek Biosciences shares increased by 8.9%, trading at $3.98 after a previous close of $3.65, although trading volume decreased significantly by 55% from its average.
• Weiss Ratings maintains a "sell (e+)" rating for Cytek, while the consensus rating among analysts is "Hold" with an average price target set at $5.60.
• Institutional investors have recently increased their holdings in Cytek Biosciences, with notable increases from Topline Capital Management and AQR Capital Management, resulting in institutional ownership of 69.46%.

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) was up 8.9% during trading on Friday . The company traded as high as $3.95 and last traded at $3.98. Approximately 444,993 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 997,600 shares. The stock had previously closed at $3.65.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Cytek Biosciences in a report on Saturday, September 27th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $5.60.

Cytek Biosciences Price Performance

The firm has a market capitalization of $505.06 million, a P/E ratio of -79.40 and a beta of 1.31. The firm has a 50-day moving average price of $3.89 and a two-hundred day moving average price of $3.58.

Institutional Investors Weigh In On Cytek Biosciences

Several large investors have recently modified their holdings of CTKB. Topline Capital Management LLC increased its holdings in Cytek Biosciences by 255.7% during the second quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company's stock valued at $17,786,000 after buying an additional 3,760,485 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cytek Biosciences by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 2,729,593 shares of the company's stock valued at $9,282,000 after acquiring an additional 42,916 shares during the period. AQR Capital Management LLC raised its position in shares of Cytek Biosciences by 89.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company's stock worth $4,211,000 after acquiring an additional 585,116 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cytek Biosciences by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,104,889 shares of the company's stock valued at $4,431,000 after purchasing an additional 41,899 shares in the last quarter. Finally, CenterBook Partners LP purchased a new position in Cytek Biosciences in the first quarter valued at about $3,390,000. Institutional investors own 69.46% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.