Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Cytek Biosciences, Inc. by 40.2%, with current holdings amounting to approximately $1.44 million after selling 242,118 shares.
• Various other hedge funds are making significant changes, such as US Bancorp DE increasing its stake by 9,698.2% during the 1st quarter, reflecting a growing interest in the company.
• Analysts have recently downgraded Cytek Biosciences, with Goldman Sachs lowering its price target from $3.50 to $3.00 and setting a "sell" rating, contributing to a consensus target price of $5.60.

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 40.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 359,577 shares of the company's stock after selling 242,118 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.28% of Cytek Biosciences worth $1,442,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Sterling Capital Management LLC increased its holdings in shares of Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company's stock valued at $25,000 after acquiring an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in Cytek Biosciences during the 4th quarter worth approximately $25,000. US Bancorp DE grew its stake in Cytek Biosciences by 9,698.2% during the 1st quarter. US Bancorp DE now owns 10,680 shares of the company's stock worth $43,000 after buying an additional 10,571 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Cytek Biosciences during the 1st quarter worth approximately $63,000. Finally, Corton Capital Inc. purchased a new position in Cytek Biosciences during the 1st quarter worth approximately $65,000. Hedge funds and other institutional investors own 69.46% of the company's stock.

Insiders Place Their Bets

In related news, CFO William D. Mccombe acquired 35,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was bought at an average cost of $2.78 per share, with a total value of $97,300.00. Following the transaction, the chief financial officer owned 55,746 shares of the company's stock, valued at $154,973.88. The trade was a 168.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.33% of the company's stock.

Cytek Biosciences Trading Down 1.7%

Cytek Biosciences stock opened at $4.01 on Friday. Cytek Biosciences, Inc. has a twelve month low of $2.37 and a twelve month high of $7.63. The stock has a 50 day moving average of $3.52 and a two-hundred day moving average of $3.83. The stock has a market capitalization of $510.15 million, a price-to-earnings ratio of -80.20 and a beta of 1.34.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CTKB. The Goldman Sachs Group dropped their price target on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a research note on Monday, May 12th. TD Cowen downgraded Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price target on the stock. in a research note on Friday, May 9th. Finally, Morgan Stanley dropped their price target on 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 assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $5.60.

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.

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