Cytek Biosciences (NASDAQ:CTKB) Trading Up 3.7%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price shot up 3.7% during trading on Thursday . The company traded as high as $5.93 and last traded at $5.92. 679,407 shares traded hands during trading, a decline of 32% from the average session volume of 994,535 shares. The stock had previously closed at $5.71.

Analysts Set New Price Targets

CTKB has been the subject of a number of research reports. Morgan Stanley dropped their price objective on Cytek Biosciences from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, November 9th. Piper Sandler lowered their price objective on shares of Cytek Biosciences from $15.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, October 16th.

Cytek Biosciences Trading Up 1.9 %

The company has a market cap of $810.59 million, a PE ratio of -59.80 and a beta of 0.65. The company has a fifty day simple moving average of $5.43 and a two-hundred day simple moving average of $7.42.

Insiders Place Their Bets

In other news, CEO Wenbin Jiang sold 20,000 shares of the firm’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $4.34, for a total transaction of $86,800.00. Following the sale, the chief executive officer now owns 5,275,796 shares in the company, valued at $22,896,954.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 129,000 shares of company stock valued at $773,450. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its position in shares of Cytek Biosciences by 222.0% in the third quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock worth $30,000 after buying an additional 1,430 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in Cytek Biosciences by 16.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,009 shares of the company’s stock worth $85,000 after buying an additional 1,445 shares in the last quarter. Metropolitan Life Insurance Co NY grew its stake in shares of Cytek Biosciences by 31.5% during the first quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company’s stock valued at $69,000 after acquiring an additional 1,536 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Cytek Biosciences by 7.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,534 shares of the company’s stock worth $198,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Credit Suisse AG boosted its holdings in Cytek Biosciences by 3.5% in the third quarter. Credit Suisse AG now owns 47,115 shares of the company’s stock valued at $694,000 after purchasing an additional 1,604 shares during the last quarter. Institutional investors and hedge funds own 56.50% of the company’s stock.

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, which leverages full spectrum profiling technology to further broaden potential applications across cell analysis.