Connor Clark & Lunn Investment Management Ltd. Makes New $1.18 Million Investment in Cytek Biosciences, Inc. $CTKB

Key Points

• Connor Clark & Lunn Investment Management acquired 266,938 shares of Cytek Biosciences in the second quarter, valued at approximately $1.18 million. Institutional investors collectively own 69.46% of the company.
• Analyst sentiment is mixed: three analysts rate the stock Buy, two Hold, and one Sell, resulting in an overall Hold rating and an average price target of $5.56.
• Cytek reported quarterly revenue of $48.14 million and a loss of $0.09 per share, matching earnings expectations but maintaining negative profitability metrics, including a 38.98% net margin.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 266,938 shares of the company's stock, valued at approximately $1,183,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of Cytek Biosciences as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in Cytek Biosciences during the 2nd quarter worth $29,000. Ieq Capital LLC purchased a new position in Cytek Biosciences in the second quarter valued at about $399,000. BlackRock Inc. purchased a new position in Cytek Biosciences in the second quarter valued at about $42,433,000. Pallas Capital Advisors LLC acquired a new position in shares of Cytek Biosciences during the second quarter worth about $50,000. Finally, Deutsche Bank AG acquired a new position in shares of Cytek Biosciences during the second quarter worth about $496,000. Institutional investors and hedge funds own 69.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Stephens lowered their target price on Cytek Biosciences from $5.50 to $4.75 and set an "overweight" rating for the company in a research note on Wednesday, May 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Finally, Morgan Stanley set a $5.00 price target on Cytek Biosciences in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.56.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $4.68 on Monday. Cytek Biosciences, Inc. has a 12-month low of $3.28 and a 12-month high of $6.18. The company has a market capitalization of $608.32 million, a price-to-earnings ratio of -7.55 and a beta of 1.17. The firm's fifty day moving average price is $4.51 and its 200 day moving average price is $4.36.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.09). The company had revenue of $48.14 million during the quarter, compared to analysts' expectations of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. Analysts forecast that Cytek Biosciences, Inc. will post -0.3 earnings per share for the current fiscal year.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company's core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.

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