Point72 Asset Management L.P. Acquires New Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Point72 Asset Management L.P. bought a new position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 389,359 shares of the company's stock, valued at approximately $2,527,000. Point72 Asset Management L.P. owned 0.30% of Cytek Biosciences as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new position in shares of Cytek Biosciences in the fourth quarter worth $196,000. Principal Financial Group Inc. boosted its holdings in Cytek Biosciences by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock valued at $3,290,000 after purchasing an additional 3,753 shares during the period. Olympiad Research LP grew its stake in Cytek Biosciences by 51.0% during the 4th quarter. Olympiad Research LP now owns 19,601 shares of the company's stock worth $127,000 after purchasing an additional 6,617 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Cytek Biosciences by 1.6% during the 4th quarter. Bank of New York Mellon Corp now owns 730,709 shares of the company's stock worth $4,742,000 after purchasing an additional 11,665 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in Cytek Biosciences during the 4th quarter worth about $71,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CTKB. TD Cowen cut shares of Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price on the stock. in a report on Friday, May 9th. The Goldman Sachs Group decreased their price objective on shares of Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating for the company in a research report on Monday, May 12th. Piper Sandler lowered their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. Finally, Stephens reaffirmed an "overweight" rating and set a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th.

Cytek Biosciences Stock Down 1.2%

NASDAQ:CTKB traded down $0.03 during mid-day trading on Monday, reaching $2.42. 914,867 shares of the stock were exchanged, compared to its average volume of 737,875. Cytek Biosciences, Inc. has a 1 year low of $2.37 and a 1 year high of $7.63. The company has a 50 day simple moving average of $3.57 and a 200-day simple moving average of $5.06. The stock has a market capitalization of $306.51 million, a P/E ratio of -30.25 and a beta of 1.42.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.05). Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The business had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. As a group, research analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

About Cytek Biosciences

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.