PDT Partners LLC Takes Position in Cytek Biosciences, Inc. $CTKB

Key Points

• PDT Partners LLC invested approximately $538,000 in Cytek Biosciences, acquiring 134,065 shares during the first quarter, bringing their total ownership to about 0.11%.
• Other institutional investors significantly increased their stakes, including Topline Capital Management LLC, which raised its holdings by 521.6% to own 1.47 million shares valued at $5.9 million.
• Cytek Biosciences has faced recent analyst downgrades, with price targets reduced from $9.00 to $7.00 by Morgan Stanley and from $3.50 to $3.00 by Goldman Sachs, reflecting a mixed sentiment among analysts.

PDT Partners LLC purchased a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 134,065 shares of the company's stock, valued at approximately $538,000. PDT Partners LLC owned 0.11% of Cytek Biosciences as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group raised its stake in shares of Cytek Biosciences by 992,200.0% in the 1st 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 period. US Bancorp DE increased 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 period. Wealth Enhancement Advisory Services LLC purchased a new stake in Cytek Biosciences during the 1st quarter worth approximately $63,000. Corton Capital Inc. purchased a new stake in Cytek Biosciences during the 1st quarter worth approximately $65,000. Finally, CWM LLC increased its stake in Cytek Biosciences by 1,637.7% during the 1st quarter. CWM LLC now owns 18,020 shares of the company's stock worth $72,000 after buying an additional 16,983 shares during the period. 69.46% of the stock is owned by hedge funds and other institutional investors.

Cytek Biosciences Stock Down 1.1%

NASDAQ CTKB traded down $0.05 on Wednesday, hitting $3.89. 165,026 shares of the stock were exchanged, compared to its average volume of 1,006,199. Cytek Biosciences, Inc. has a fifty-two week low of $2.37 and a fifty-two week high of $7.63. The company has a market cap of $494.25 million, a PE ratio of -77.50 and a beta of 1.36. The company has a 50-day moving average price of $3.77 and a 200-day moving average price of $3.67.

Wall Street Analyst Weigh In

Separately, Morgan Stanley cut their target price on shares of 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. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Cytek Biosciences currently has an average rating of "Hold" and an average price target of $5.60.

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.