Vanguard Group Inc. Sells 2,094,835 Shares of Cytek Biosciences, Inc. $CTKB

Key Points

• Vanguard Group Inc. reduced its stake in Cytek Biosciences, selling 2,094,835 shares, resulting in a total ownership of 9,622,008 shares, which represents 7.54% of the company valued at approximately $38.6 million.
• Various institutional investors have made significant adjustments to their holdings in Cytek, with 69.46% of the company's stock now owned by institutions.
• Recent analyst ratings for Cytek Biosciences include downgrades from TD Cowen and Morgan Stanley, with a consensus rating of "Hold" and an average price target of $5.60.

Vanguard Group Inc. cut its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 17.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,622,008 shares of the company's stock after selling 2,094,835 shares during the period. Vanguard Group Inc. owned 7.54% of Cytek Biosciences worth $38,584,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CTKB. Wells Fargo & Company MN boosted its holdings in Cytek Biosciences by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 71,240 shares of the company's stock valued at $462,000 after acquiring an additional 15,516 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Cytek Biosciences in the fourth quarter valued at approximately $765,000. Barclays PLC boosted its holdings in Cytek Biosciences by 7.0% in the fourth quarter. Barclays PLC now owns 215,424 shares of the company's stock valued at $1,397,000 after acquiring an additional 14,065 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cytek Biosciences by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company's stock valued at $11,880,000 after acquiring an additional 262,607 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Cytek Biosciences by 5.9% in the fourth quarter. MetLife Investment Management LLC now owns 74,398 shares of the company's stock valued at $483,000 after acquiring an additional 4,158 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO William D. Mccombe bought 35,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $2.78 per share, for a total transaction of $97,300.00. Following the acquisition, the chief financial officer directly owned 55,746 shares in the company, valued at approximately $154,973.88. This trade represents a 168.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.33% of the stock is currently owned by corporate insiders.

Cytek Biosciences Stock Up 1.2%

Shares of CTKB opened at $4.16 on Wednesday. Cytek Biosciences, Inc. has a 12-month low of $2.37 and a 12-month high of $7.63. The business's fifty day moving average is $3.62 and its 200 day moving average is $3.75. The stock has a market cap of $529.24 million, a P/E ratio of -83.20 and a beta of 1.34.

Analyst Ratings Changes

Several analysts recently commented on CTKB shares. TD Cowen cut 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. Morgan Stanley cut their price target on Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group cut their price target on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a report on Monday, May 12th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cytek Biosciences currently has a consensus rating of "Hold" and an average price target of $5.60.

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.

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