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Cytek Biosciences (NASDAQ:CTKB) Shares Up 8.3%

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Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Rating) shot up 8.3% during mid-day trading on Wednesday . The company traded as high as $13.80 and last traded at $13.80. 5,581 shares were traded during mid-day trading, a decline of 99% from the average session volume of 846,361 shares. The stock had previously closed at $12.74.

Analyst Ratings Changes

A number of brokerages have issued reports on CTKB. Piper Sandler boosted their target price on Cytek Biosciences from $12.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, August 17th. Morgan Stanley upped their price objective on Cytek Biosciences from $11.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Friday, August 12th. Finally, The Goldman Sachs Group upped their price objective on Cytek Biosciences from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, August 11th.

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Cytek Biosciences Stock Up 10.1 %

The firm has a fifty day moving average of $13.25 and a 200 day moving average of $11.38.

Cytek Biosciences (NASDAQ:CTKB – Get Rating) last posted its earnings results on Wednesday, August 10th. The company reported $0.03 EPS for the quarter, beating the consensus estimate 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%.

Insider Activity at Cytek Biosciences

In other Cytek Biosciences news, CEO Wenbin Jiang sold 20,000 shares of the company's stock in a transaction on Monday, August 8th. The shares were sold at an average price of $15.09, for a total value of $301,800.00. Following the completion of the transaction, the chief executive officer now owns 7,841,541 shares in the company, valued at $118,328,853.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Patrik Jeanmonod sold 3,500 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $12.80, for a total transaction of $44,800.00. Following the completion of the sale, the chief financial officer now owns 94,994 shares in the company, valued at $1,215,923.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Wenbin Jiang sold 20,000 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $15.09, for a total transaction of $301,800.00. Following the sale, the chief executive officer now owns 7,841,541 shares of the company's stock, valued at approximately $118,328,853.69. The disclosure for this sale can be found here. Insiders have sold 127,000 shares of company stock valued at $1,632,675 over the last quarter. 15.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY boosted its stake in shares of Cytek Biosciences by 31.5% during the first 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 during the period. Royal Bank of Canada lifted its position in Cytek Biosciences by 64.1% in the first quarter. Royal Bank of Canada now owns 5,995 shares of the company's stock valued at $65,000 after purchasing an additional 2,341 shares during the period. FMR LLC lifted its position in Cytek Biosciences by 0.5% in the second quarter. FMR LLC now owns 520,845 shares of the company's stock valued at $5,589,000 after purchasing an additional 2,616 shares during the period. American International Group Inc. lifted its position in Cytek Biosciences by 10.3% in the second quarter. American International Group Inc. now owns 53,444 shares of the company's stock valued at $573,000 after purchasing an additional 5,003 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its position in Cytek Biosciences by 514.7% in the first quarter. Ameritas Investment Partners Inc. now owns 7,567 shares of the company's stock valued at $82,000 after purchasing an additional 6,336 shares during the period. Institutional investors and hedge funds own 43.54% of the company's stock.

Cytek Biosciences Company Profile

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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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