Panagora Asset Management Inc. Acquires 281,928 Shares of Cytek Biosciences, Inc. $CTKB

Key Points

• Panagora Asset Management Inc. increased its stake in Cytek Biosciences by 222% in the first quarter, acquiring an additional 281,928 shares, bringing its total holdings to 408,926 shares valued at approximately $1.64 million.
• Analyst ratings for Cytek Biosciences vary, with TD Cowen downgrading the stock from "buy" to "hold" and setting a target price of $4.00, while the consensus rating remains a "hold" with an average target price of $5.60.
• The stock of Cytek Biosciences is currently priced at $3.94, down 2.0%, with a market capitalization of $501.25 million and a price-to-earnings ratio of -78.80.

Panagora Asset Management Inc. grew its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 222.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 408,926 shares of the company's stock after acquiring an additional 281,928 shares during the quarter. Panagora Asset Management Inc. owned about 0.32% of Cytek Biosciences worth $1,640,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CTKB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Cytek Biosciences by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,074 shares of the company's stock worth $448,000 after acquiring an additional 2,373 shares during the last quarter. SlateStone Wealth LLC increased its stake in Cytek Biosciences by 18.9% during the 1st quarter. SlateStone Wealth LLC now owns 19,129 shares of the company's stock worth $77,000 after buying an additional 3,041 shares during the period. New York State Teachers Retirement System increased its position in shares of Cytek Biosciences by 6.8% in the 1st quarter. New York State Teachers Retirement System now owns 48,463 shares of the company's stock valued at $194,000 after purchasing an additional 3,100 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Cytek Biosciences in the 4th quarter valued at approximately $25,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Cytek Biosciences by 19.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,189 shares of the company's stock valued at $307,000 after buying an additional 7,686 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on CTKB. The Goldman Sachs Group reduced their target price on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating for the company in a report on Monday, May 12th. Morgan Stanley lowered their price target 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 analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $5.60.

Cytek Biosciences Stock Up 1.9%

CTKB traded up $0.08 during trading on Monday, hitting $4.10. The company had a trading volume of 778,639 shares, compared to its average volume of 1,010,606. The firm's 50-day moving average price is $3.75 and its 200 day moving average price is $3.67. Cytek Biosciences, Inc. has a one year low of $2.37 and a one year high of $7.63. The company has a market capitalization of $520.97 million, a PE ratio of -82.30 and a beta of 1.36.

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.