Simcoe Capital LLC Purchases New Stake in Cytek Biosciences, Inc. $CTKB

Simcoe Capital LLC purchased a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 298,461 shares of the company’s stock, valued at approximately $1,507,000.

A number of other institutional investors also recently bought and sold shares of CTKB. SBI Securities Co. Ltd. lifted its position in shares of Cytek Biosciences by 99.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after acquiring an additional 2,500 shares in the last quarter. M&T Bank Corp acquired a new stake in Cytek Biosciences during the fourth quarter worth about $52,000. SG Americas Securities LLC increased its stake in Cytek Biosciences by 7.9% during the fourth quarter. SG Americas Securities LLC now owns 64,287 shares of the company’s stock worth $325,000 after acquiring an additional 4,683 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in Cytek Biosciences during the third quarter worth about $867,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in Cytek Biosciences during the third quarter worth about $43,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CTKB shares. Morgan Stanley dropped their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cytek Biosciences presently has an average rating of “Hold” and a consensus target price of $6.00.

Cytek Biosciences Stock Performance

Shares of CTKB opened at $4.04 on Wednesday. The company has a market capitalization of $521.73 million, a P/E ratio of -7.09 and a beta of 1.22. Cytek Biosciences, Inc. has a one year low of $2.37 and a one year high of $6.18. The stock has a 50-day moving average price of $4.47 and a 200 day moving average price of $4.75.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The business had revenue of $44.14 million during the quarter, compared to analysts’ expectations of $44.23 million. Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. As a group, equities research analysts forecast that Cytek Biosciences, Inc. will post -0.27 earnings per share for the current fiscal year.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.