Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Free Report)’s stock price fell 6.5% on Wednesday after Piper Sandler lowered their price target on the stock from $11.00 to $10.00. Piper Sandler currently has an overweight rating on the stock. Cytek Biosciences traded as low as $7.61 and last traded at $7.61. 123,649 shares were traded during mid-day trading, a decline of 82% from the average session volume of 686,275 shares. The stock had previously closed at $8.14.
CTKB has been the subject of a number of other reports. The Goldman Sachs Group boosted their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Stephens began coverage on Cytek Biosciences in a research note on Thursday, December 14th. They set an “overweight” rating and a $9.00 price target for the company. Finally, Morgan Stanley cut their price target 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.
Insider Activity at Cytek Biosciences
In related news, CFO Patrik Jeanmonod sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 26th. The stock was sold at an average price of $9.50, for a total transaction of $28,500.00. Following the completion of the transaction, the chief financial officer now directly owns 93,400 shares in the company, valued at approximately $887,300. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CTO Ming Yan sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $9.43, for a total transaction of $188,600.00. Following the completion of the transaction, the chief technology officer now directly owns 6,042,103 shares in the company, valued at approximately $56,977,031.29. The sale 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 stock was sold at an average price of $9.50, for a total value of $28,500.00. Following the completion of the transaction, the chief financial officer now owns 93,400 shares of the company’s stock, valued at $887,300. The disclosure for this sale can be found here. 15.90% of the stock is currently owned by corporate insiders.
Institutional Trading of Cytek Biosciences
Hedge funds have recently modified their holdings of the company. Royal Bank of Canada grew its stake in shares of Cytek Biosciences by 222.0% in the 3rd 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. Ameritas Investment Partners Inc. grew its stake in shares of 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% in the 1st quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company’s stock worth $69,000 after buying an additional 1,536 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Cytek Biosciences by 7.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,534 shares of the company’s stock worth $198,000 after purchasing an additional 1,558 shares during the period. Finally, Credit Suisse AG boosted its stake in shares of Cytek Biosciences by 3.5% during the 3rd quarter. Credit Suisse AG now owns 47,115 shares of the company’s stock worth $694,000 after purchasing an additional 1,604 shares during the period. 56.50% of the stock is owned by hedge funds and other institutional investors.
Cytek Biosciences Trading Down 6.3 %
The business’s 50 day moving average is $8.42 and its 200 day moving average is $7.16. The stock has a market capitalization of $1.03 billion, a PE ratio of -77.50 and a beta of 1.41.
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.