Cibc World Markets Corp Buys Shares of 11,358 Cytek Biosciences, Inc. (NASDAQ:CTKB)

Cibc World Markets Corp purchased a new position in Cytek Biosciences, Inc. (NASDAQ:CTKB) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,358 shares of the company’s stock, valued at approximately $74,000.

Several other large investors also recently made changes to their positions in CTKB. GAMMA Investing LLC lifted its holdings in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after purchasing an additional 4,665 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Cytek Biosciences during the 4th quarter worth $71,000. Bailard Inc. bought a new stake in shares of Cytek Biosciences during the 4th quarter worth $123,000. Finally, Olympiad Research LP grew its stake in Cytek Biosciences by 51.0% in the 4th quarter. Olympiad Research LP now owns 19,601 shares of the company’s stock valued at $127,000 after buying an additional 6,617 shares during the last quarter. Institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

NASDAQ:CTKB opened at $4.10 on Friday. The firm’s 50-day moving average is $4.95 and its 200-day moving average is $5.59. The company has a market cap of $525.20 million, a price-to-earnings ratio of -51.24 and a beta of 1.41. Cytek Biosciences, Inc. has a 52-week low of $4.00 and a 52-week high of $7.63.

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

Analysts Set New Price Targets

CTKB has been the subject of a number of recent analyst reports. Piper Sandler decreased their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Stephens reaffirmed an “overweight” rating and issued a $6.00 target price on shares of Cytek Biosciences in a report on Wednesday, March 19th. Finally, The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a research report on Sunday, February 2nd.

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.