Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC boosted its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 114.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,704 shares of the company’s stock after buying an additional 26,567 shares during the quarter. Intech Investment Management LLC’s holdings in Cytek Biosciences were worth $323,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Cytek Biosciences by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after purchasing an additional 113,127 shares during the last quarter. Barclays PLC raised its stake in shares of Cytek Biosciences by 333.6% during the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after buying an additional 154,915 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after buying an additional 89,210 shares during the period. State Street Corp boosted its stake in shares of Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after buying an additional 194,369 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Cytek Biosciences by 5.1% during the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $463,000 after acquiring an additional 4,096 shares during the period. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CTKB. Piper Sandler lowered their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Stephens reissued an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th. Finally, The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Price Performance

Shares of CTKB stock opened at $4.10 on Wednesday. Cytek Biosciences, Inc. has a 1-year low of $4.00 and a 1-year high of $7.63. The company has a market cap of $525.20 million, a price-to-earnings ratio of -51.24 and a beta of 1.41. The stock has a 50 day simple moving average of $5.01 and a 200-day simple moving average of $5.61.

Cytek Biosciences declared that its board has initiated a stock buyback plan on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.