RA Capital Management L.P. increased its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Rating) by 39.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,381,054 shares of the company's stock after purchasing an additional 3,774,026 shares during the quarter. Cytek Biosciences accounts for 3.1% of RA Capital Management L.P.'s holdings, making the stock its 4th biggest position. RA Capital Management L.P. owned about 0.10% of Cytek Biosciences worth $144,248,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Cytek Biosciences by 424.2% during the 1st quarter. Vanguard Group Inc. now owns 6,352,090 shares of the company's stock valued at $68,475,000 after purchasing an additional 5,140,344 shares during the last quarter. BlackRock Inc. grew its holdings in Cytek Biosciences by 157.1% during the 1st quarter. BlackRock Inc. now owns 6,093,340 shares of the company's stock worth $65,687,000 after acquiring an additional 3,722,881 shares during the last quarter. State Street Corp grew its holdings in Cytek Biosciences by 385.5% during the 1st quarter. State Street Corp now owns 1,320,658 shares of the company's stock worth $14,237,000 after acquiring an additional 1,048,629 shares during the last quarter. Miura Global Management LLC boosted its stake in shares of Cytek Biosciences by 42.6% in the 4th quarter. Miura Global Management LLC now owns 3,020,000 shares of the company's stock valued at $49,286,000 after purchasing an additional 902,500 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Cytek Biosciences by 981.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 649,289 shares of the company's stock valued at $7,000,000 after acquiring an additional 589,229 shares during the period. 43.54% of the stock is owned by hedge funds and other institutional investors.
Get Cytek Biosciences alerts:Cytek Biosciences Stock Down 4.1 %
CTKB stock traded down $0.58 during midday trading on Tuesday, reaching $13.58. The company had a trading volume of 8,229 shares, compared to its average volume of 555,251. The stock has a 50 day moving average price of $12.89 and a 200-day moving average price of $11.37. Cytek Biosciences, Inc. has a 1-year low of $7.38 and a 1-year high of $28.70.
Cytek Biosciences (NASDAQ:CTKB – Get Rating) last posted its quarterly earnings results on Wednesday, August 10th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. Cytek Biosciences had a positive return on equity of 0.62% and a negative net margin of 1.28%. Sell-side analysts anticipate that Cytek Biosciences, Inc. will post 0.03 EPS for the current fiscal year.Insiders Place Their Bets
In other Cytek Biosciences news, CTO Ming Yan sold 20,000 shares of the business's stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $10.06, for a total transaction of $201,200.00. Following the completion of the transaction, the chief technology officer now owns 8,084,415 shares of the company's stock, valued at $81,329,214.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Patrik Jeanmonod sold 3,500 shares of the company's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $12.80, for a total value of $44,800.00. Following the sale, the chief financial officer now directly owns 94,994 shares in the company, valued at $1,215,923.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Ming Yan sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $10.06, for a total value of $201,200.00. Following the completion of the sale, the chief technology officer now owns 8,084,415 shares in the company, valued at $81,329,214.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,000 shares of company stock valued at $1,585,475. 15.90% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several analysts have commented on the stock. Morgan Stanley raised their target price on shares of Cytek Biosciences from $11.00 to $15.00 and gave the stock an "equal weight" rating in a report on Friday, August 12th. Piper Sandler raised their target price on shares of Cytek Biosciences from $12.00 to $16.00 and gave the company an "overweight" rating in a research note on Wednesday, August 17th. Finally, The Goldman Sachs Group raised their target price on shares of Cytek Biosciences from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday, August 11th.
About Cytek Biosciences
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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.
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