Connor Clark & Lunn Investment Management Ltd. Reduces Stock Holdings in Cytek Biosciences, Inc. $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. lessened its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 40.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 approximately 0.28% of Cytek Biosciences worth $1,442,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CTKB. JPMorgan Chase & Co. raised its holdings in Cytek Biosciences by 58.3% during the 4th quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock worth $6,150,000 after purchasing an additional 349,146 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Cytek Biosciences by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 71,240 shares of the company's stock worth $462,000 after acquiring an additional 15,516 shares during the last quarter. Legal & General Group Plc boosted its holdings in Cytek Biosciences by 3.8% during the 4th quarter. Legal & General Group Plc now owns 313,037 shares of the company's stock worth $2,032,000 after acquiring an additional 11,346 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Cytek Biosciences by 118.6% during the 4th quarter. Renaissance Technologies LLC now owns 462,600 shares of the company's stock worth $3,002,000 after acquiring an additional 251,000 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Cytek Biosciences during the 4th quarter worth $765,000. Institutional investors own 69.46% of the company's stock.

Insider Transactions at Cytek Biosciences

In other news, CFO William D. Mccombe acquired 35,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $2.78 per share, for a total transaction of $97,300.00. Following the completion of the acquisition, the chief financial officer owned 55,746 shares in the company, valued at $154,973.88. This trade represents a 168.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 10.33% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CTKB. TD Cowen cut Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price on the stock. in a research note on Friday, May 9th. The Goldman Sachs Group decreased their price target on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a research report on Monday, May 12th. Finally, Morgan Stanley cut their price objective on Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $5.60.

Cytek Biosciences Stock Performance

CTKB stock traded up $0.01 on Thursday, reaching $4.01. The company's stock had a trading volume of 567,062 shares, compared to its average volume of 1,179,666. The business has a fifty day simple moving average of $3.56 and a two-hundred day simple moving average of $3.79. Cytek Biosciences, Inc. has a 12-month low of $2.37 and a 12-month high of $7.63. The firm has a market cap of $510.15 million, a PE ratio of -80.20 and a beta of 1.34.

Cytek Biosciences Profile

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.