Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 3.3%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price traded down 3.3% during trading on Tuesday . The stock traded as low as $6.16 and last traded at $6.18. 159,064 shares changed hands during trading, a decline of 78% from the average session volume of 727,375 shares. The stock had previously closed at $6.39.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler cut their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 6th. The Goldman Sachs Group raised their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Stephens initiated coverage on Cytek Biosciences in a research report on Thursday, December 14th. They set an “overweight” rating and a $9.00 price objective on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Cytek Biosciences Price Performance

The firm has a market cap of $877.80 million, a price-to-earnings ratio of -67.10 and a beta of 1.41. The firm has a fifty day simple moving average of $7.85 and a two-hundred day simple moving average of $7.08.

Insiders Place Their Bets

In related news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences 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 owns 6,030,402 shares of the company’s stock, valued at $40,825,821.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Cytek Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock valued at $108,443,000 after acquiring an additional 811,279 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Cytek Biosciences by 16.8% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 116,937 shares of the company’s stock valued at $1,067,000 after acquiring an additional 16,804 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Cytek Biosciences by 9.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,678 shares of the company’s stock valued at $280,000 after buying an additional 2,630 shares in the last quarter. Legal & General Group Plc increased its position in shares of Cytek Biosciences by 3.5% in the fourth quarter. Legal & General Group Plc now owns 288,766 shares of the company’s stock valued at $2,634,000 after buying an additional 9,655 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Cytek Biosciences by 285.0% in the fourth quarter. Barclays PLC now owns 189,343 shares of the company’s stock worth $1,727,000 after acquiring an additional 140,164 shares during the last quarter. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

About Cytek Biosciences

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.