Trexquant Investment LP Grows Position in Cytek Biosciences, Inc. $CTKB

Key Points

• Trexquant Investment LP increased its stake in Cytek Biosciences by 126.3%, acquiring an additional 306,405 shares, bringing its total ownership to approximately 549,004 shares valued at $2.2 million.
• Multiple hedge funds have also adjusted their holdings, with notable increases from SlateStone Wealth LLC by 18.9% and Price T Rowe Associates by 19.5% during the last quarter.
• Recent analyst ratings for Cytek Biosciences show a mix of outlooks, with TD Cowen downgrading it to a "hold" and setting a price target of $4.00, while Goldman Sachs lowered theirs to $3.00 with a "sell" rating.

Trexquant Investment LP increased its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 126.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 549,004 shares of the company's stock after purchasing an additional 306,405 shares during the period. Trexquant Investment LP owned approximately 0.43% of Cytek Biosciences worth $2,202,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Ieq Capital LLC bought a new position in shares of Cytek Biosciences in the first quarter worth approximately $231,000. JT Stratford LLC bought a new position in shares of Cytek Biosciences in the first quarter worth approximately $147,000. Brooklyn Investment Group grew its position in Cytek Biosciences by 992,200.0% during the first quarter. Brooklyn Investment Group now owns 9,923 shares of the company's stock valued at $40,000 after acquiring an additional 9,922 shares during the last quarter. Algert Global LLC grew its position in Cytek Biosciences by 17.2% during the first quarter. Algert Global LLC now owns 411,425 shares of the company's stock valued at $1,650,000 after acquiring an additional 60,510 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Cytek Biosciences by 13.4% during the first quarter. American Century Companies Inc. now owns 232,175 shares of the company's stock valued at $931,000 after acquiring an additional 27,430 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Morgan Stanley reduced their price target on shares of Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $5.60.

Cytek Biosciences Trading Down 4.8%

Shares of NASDAQ:CTKB traded down $0.19 during trading on Wednesday, reaching $3.74. 1,022,838 shares of the company traded hands, compared to its average volume of 880,986. The firm has a market capitalization of $475.80 million, a price-to-earnings ratio of -74.80 and a beta of 1.36. Cytek Biosciences, Inc. has a 52-week low of $2.37 and a 52-week high of $7.63. The business's fifty day moving average is $3.77 and its 200-day moving average is $3.67.

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.