1,315,332 Shares in Cytek Biosciences, Inc. $CTKB Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 1,315,332 shares of Cytek Biosciences during the second quarter, valued at approximately $5.83 million and representing about 1.01% of the company.
• Institutional investors own 69.46% of Cytek’s stock. Analyst sentiment is mixed, with three Buy ratings, two Holds, and one Sell, producing an average rating of “Hold” and a $5.56 price target.
• Cytek reported quarterly revenue of $48.14 million, exceeding estimates of $47.31 million, while its loss of $0.09 per share matched expectations; analysts project a full-year loss of $0.30 per share.

Bank of America Corp DE purchased a new position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,315,332 shares of the company's stock, valued at approximately $5,827,000. Bank of America Corp DE owned about 1.01% of Cytek Biosciences at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd increased its position in Cytek Biosciences by 86.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company's stock worth $26,000 after buying an additional 2,388 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Cytek Biosciences in the second quarter worth approximately $29,000. Pallas Capital Advisors LLC purchased a new stake in shares of Cytek Biosciences in the second quarter worth $50,000. Legal & General Group Plc bought a new stake in shares of Cytek Biosciences during the 2nd quarter valued at $52,000. Finally, AXQ Capital LP purchased a new position in shares of Cytek Biosciences during the 4th quarter valued at $97,000. Institutional investors own 69.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CTKB. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytek Biosciences in a report on Monday, September 21st. Morgan Stanley set a $5.00 price target on Cytek Biosciences in a report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $5.56.

Cytek Biosciences Price Performance

CTKB opened at $5.65 on Monday. Cytek Biosciences, Inc. has a 52 week low of $3.28 and a 52 week high of $6.18. The stock's fifty day moving average is $4.72 and its two-hundred day moving average is $4.46. The company has a market capitalization of $734.39 million, a P/E ratio of -9.11 and a beta of 1.18.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%.The firm had revenue of $48.14 million for the quarter, compared to analyst estimates of $47.31 million. Equities analysts anticipate that Cytek Biosciences, Inc. will post -0.3 earnings per share for the current year.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc NASDAQ: CTKB develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek's product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.

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