Jacobs Levy Equity Management Inc. Makes New $2.84 Million Investment in Cytek Biosciences, Inc. $CTKB

Key Points

• Jacobs Levy Equity Management Inc. acquired a new position in Cytek Biosciences, purchasing 708,482 shares valued at approximately $2.84 million during the first quarter.
• Analysts have set a new consensus price target of $5.60 for Cytek Biosciences stock, with Morgan Stanley lowering its price objective from $9.00 to $7.00.
• As of the latest report, institutional investors own 69.46% of Cytek Biosciences, indicating strong interest from major investors.

Jacobs Levy Equity Management Inc. bought a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 708,482 shares of the company's stock, valued at approximately $2,841,000. Jacobs Levy Equity Management Inc. owned approximately 0.56% of Cytek Biosciences at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CTKB. Price T Rowe Associates Inc. MD raised its stake in shares of Cytek Biosciences by 19.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,189 shares of the company's stock valued at $307,000 after purchasing an additional 7,686 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Cytek Biosciences by 11.4% during the fourth quarter. Northern Trust Corp now owns 1,188,331 shares of the company's stock valued at $7,712,000 after acquiring an additional 121,268 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Cytek Biosciences during the fourth quarter valued at $1,354,000. Bank of America Corp DE lifted its holdings in shares of Cytek Biosciences by 67.1% during the fourth quarter. Bank of America Corp DE now owns 344,960 shares of the company's stock valued at $2,239,000 after acquiring an additional 138,492 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Cytek Biosciences during the fourth quarter valued at $757,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

CTKB traded up $0.01 during midday trading on Monday, reaching $3.95. 156,854 shares of the company were exchanged, compared to its average volume of 1,006,515. Cytek Biosciences, Inc. has a one year low of $2.37 and a one year high of $7.63. The stock has a market capitalization of $501.88 million, a P/E ratio of -78.70 and a beta of 1.36. The stock's 50-day simple moving average is $3.79 and its 200 day simple moving average is $3.64.

Analysts Set New Price Targets

Separately, 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 equities research 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. According to MarketBeat.com, Cytek Biosciences has a consensus rating of "Hold" and a consensus price target of $5.60.

Cytek Biosciences Company 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.