Bailard Inc. Buys Shares of 18,900 Cytek Biosciences, Inc. (NASDAQ:CTKB)

Bailard Inc. purchased a new position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 18,900 shares of the company’s stock, valued at approximately $123,000.

A number of other institutional investors have also modified their holdings of CTKB. GAMMA Investing LLC boosted its position in Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after acquiring an additional 3,635 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Cytek Biosciences during the fourth quarter worth $71,000. Olympiad Research LP purchased a new stake in shares of Cytek Biosciences in the third quarter valued at $72,000. Intech Investment Management LLC acquired a new position in Cytek Biosciences in the third quarter valued at $128,000. Finally, XTX Topco Ltd purchased a new position in Cytek Biosciences during the third quarter worth about $145,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday. The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Trading Up 3.7 %

Shares of CTKB opened at $4.47 on Thursday. The stock’s fifty day simple moving average is $5.70 and its 200 day simple moving average is $5.73. Cytek Biosciences, Inc. has a twelve month low of $4.20 and a twelve month high of $8.18. The firm has a market capitalization of $575.79 million, a P/E ratio of -55.87 and a beta of 1.40.

Cytek Biosciences announced that its Board of Directors has initiated a share buyback program on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.