Arizona State Retirement System Grows Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Arizona State Retirement System increased its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 29.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,401 shares of the company’s stock after purchasing an additional 7,293 shares during the quarter. Arizona State Retirement System’s holdings in Cytek Biosciences were worth $295,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Royal Bank of Canada grew its position in shares of Cytek Biosciences by 222.0% during 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 in the last quarter. Tower Research Capital LLC TRC lifted its stake in Cytek Biosciences by 68.5% in the third quarter. Tower Research Capital LLC TRC now owns 5,811 shares of the company’s stock worth $32,000 after acquiring an additional 2,362 shares during the last quarter. State of Wyoming grew its holdings in Cytek Biosciences by 101.0% during the 2nd quarter. State of Wyoming now owns 4,632 shares of the company’s stock worth $40,000 after acquiring an additional 2,328 shares in the last quarter. UBS Group AG increased its position in shares of Cytek Biosciences by 6,269.8% in the 3rd quarter. UBS Group AG now owns 4,013 shares of the company’s stock valued at $59,000 after purchasing an additional 3,950 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Cytek Biosciences by 1,557.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 7,212 shares of the company’s stock valued at $62,000 after purchasing an additional 6,777 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Piper Sandler dropped their target price on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. The Goldman Sachs Group upped their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Cytek Biosciences currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Cytek Biosciences Price Performance

Shares of NASDAQ:CTKB opened at $5.92 on Friday. Cytek Biosciences, Inc. has a 12 month low of $3.80 and a 12 month high of $12.31. The firm has a market capitalization of $774.45 million, a P/E ratio of -65.77 and a beta of 1.37. The company’s fifty day moving average price is $7.23 and its 200 day moving average price is $7.07.

Insiders Place Their Bets

In related news, CTO Ming Yan sold 20,000 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $6.77, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 15.90% of the company’s stock.

Cytek Biosciences 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.