Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 4.8% Following Insider Selling

Cytek Biosciences, Inc. (NASDAQ:CTKBGet Free Report)’s stock price traded down 4.8% on Wednesday following insider selling activity. The stock traded as low as $6.28 and last traded at $6.38. 154,035 shares changed hands during trading, a decline of 79% from the average session volume of 727,708 shares. The stock had previously closed at $6.70.

Specifically, CTO Ming Yan sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $6.77, for a total transaction of $135,400.00. Following the completion of the sale, the chief technology officer now directly owns 6,030,402 shares of the company’s stock, valued at approximately $40,825,821.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Ming Yan sold 20,000 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $6.77, for a total transaction of $135,400.00. Following the completion of the sale, the chief technology officer now owns 6,030,402 shares in the company, valued at $40,825,821.54. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Patrik Jeanmonod sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 26th. The shares were sold at an average price of $9.50, for a total value of $28,500.00. Following the completion of the sale, the chief financial officer now owns 93,400 shares in the company, valued at approximately $887,300. The disclosure for this sale can be found here. 15.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CTKB shares. Piper Sandler cut their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Wednesday, March 6th. Stephens began coverage on shares of Cytek Biosciences in a report on Thursday, December 14th. They issued an “overweight” rating and a $9.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Cytek Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

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Cytek Biosciences Price Performance

The firm’s 50-day moving average is $8.05 and its 200-day moving average is $7.10. The company has a market capitalization of $876.49 million, a PE ratio of -65.60 and a beta of 1.41.

Institutional Trading of Cytek Biosciences

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in Cytek Biosciences by 222.0% during the third quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock valued at $30,000 after buying an additional 1,430 shares during the period. Federated Hermes Inc. bought a new position in Cytek Biosciences in the fourth quarter worth about $36,000. UBS Group AG raised its stake in Cytek Biosciences by 6,269.8% in the third quarter. UBS Group AG now owns 4,013 shares of the company’s stock worth $59,000 after buying an additional 3,950 shares in the last quarter. State of Wyoming increased its stake in shares of Cytek Biosciences by 101.0% during the second quarter. State of Wyoming now owns 4,632 shares of the company’s stock valued at $40,000 after purchasing an additional 2,328 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Cytek Biosciences by 68.5% during the third quarter. Tower Research Capital LLC TRC now owns 5,811 shares of the company’s stock valued at $32,000 after purchasing an additional 2,362 shares in the last quarter. 56.50% of the stock is currently owned by hedge funds and other institutional investors.

Cytek Biosciences Company Profile

(Get Free Report)

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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