Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Significant Decline in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a significant drop in short interest in January. As of January 31st, there was short interest totalling 3,170,000 shares, a drop of 8.6% from the January 15th total of 3,470,000 shares. Based on an average daily trading volume, of 799,100 shares, the short-interest ratio is presently 4.0 days. Approximately 2.7% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

CTKB has been the subject of several recent analyst reports. The Goldman Sachs Group cut Cytek Biosciences from a “buy” rating to a “sell” rating and reduced their target price for the stock from $7.00 to $4.50 in a research report on Friday, January 31st. Piper Sandler upped their target price on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Trading Up 0.2 %

NASDAQ CTKB traded up $0.01 on Monday, hitting $5.23. The company’s stock had a trading volume of 570,977 shares, compared to its average volume of 823,855. The company’s 50-day simple moving average is $6.07 and its 200 day simple moving average is $5.78. Cytek Biosciences has a 52-week low of $4.66 and a 52-week high of $9.33. The firm has a market cap of $673.68 million, a P/E ratio of -65.37 and a beta of 1.40.

Cytek Biosciences declared that its board has initiated a share buyback program on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several large investors have recently bought and sold shares of CTKB. Sterling Capital Management LLC raised its holdings in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after acquiring an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in Cytek Biosciences during the 4th quarter worth approximately $25,000. GAMMA Investing LLC increased its stake in shares of Cytek Biosciences by 280.3% in the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Cytek Biosciences by 111.5% during the 4th 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. Finally, Proficio Capital Partners LLC bought a new position in Cytek Biosciences in the 4th quarter worth $71,000. 69.46% of the stock is owned by institutional investors.

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 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.