Royce & Associates LP Buys 95,000 Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB)

Royce & Associates LP increased its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 20.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 565,819 shares of the company's stock after acquiring an additional 95,000 shares during the quarter. Royce & Associates LP owned approximately 0.44% of Cytek Biosciences worth $2,269,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Sterling Capital Management LLC increased its position in Cytek Biosciences by 799.8% in the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company's stock worth $25,000 after buying an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Cytek Biosciences in the fourth quarter worth $25,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Cytek Biosciences in the first quarter worth $63,000. CWM LLC increased its position in Cytek Biosciences by 1,637.7% in the first 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 last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cytek Biosciences in the fourth quarter worth $74,000. 69.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Morgan Stanley decreased their target price on Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 28th. TD Cowen downgraded Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price for the company. in a research report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their target price on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating for the company in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $5.60.

Insider Buying and Selling at Cytek Biosciences

In other Cytek Biosciences news, CFO William D. Mccombe acquired 35,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was bought at an average price of $2.78 per share, with a total value of $97,300.00. Following the completion of the purchase, the chief financial officer owned 55,746 shares of the company's stock, valued at approximately $154,973.88. This represents a 168.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 10.33% of the company's stock.

Cytek Biosciences Trading Down 0.4%

Shares of NASDAQ CTKB traded down $0.02 during mid-day trading on Friday, hitting $3.59. The company had a trading volume of 550,175 shares, compared to its average volume of 994,809. The company has a market capitalization of $454.08 million, a price-to-earnings ratio of -39.83 and a beta of 1.33. Cytek Biosciences, Inc. has a 1 year low of $2.37 and a 1 year high of $7.63. The stock's 50-day moving average price is $3.27 and its 200-day moving average price is $3.97.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The company had revenue of $41.46 million during the quarter, compared to analysts' expectations of $43.18 million. Cytek Biosciences had a negative net margin of 5.71% and a negative return on equity of 2.90%. As a group, equities research analysts forecast that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

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.