Principal Financial Group Inc. Sells 132,168 Shares of Cytek Biosciences, Inc. $CTKB

Principal Financial Group Inc. lowered its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 19.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 534,759 shares of the company’s stock after selling 132,168 shares during the quarter. Principal Financial Group Inc.’s holdings in Cytek Biosciences were worth $2,337,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CTKB. Boston Partners raised its stake in shares of Cytek Biosciences by 13,369.4% in the 4th quarter. Boston Partners now owns 5,008,309 shares of the company’s stock valued at $25,297,000 after acquiring an additional 4,971,126 shares in the last quarter. Topline Capital Management LLC lifted its holdings in Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after purchasing an additional 3,760,485 shares during the last quarter. Wellington Management Group LLP bought a new stake in Cytek Biosciences during the third quarter worth approximately $8,817,000. Millennium Management LLC boosted its position in Cytek Biosciences by 269.6% during the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after purchasing an additional 2,493,610 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Cytek Biosciences by 527.6% during the fourth quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company’s stock valued at $5,056,000 after purchasing an additional 841,614 shares during the last quarter. Institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

CTKB has been the topic of a number of recent analyst reports. Stephens dropped their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Morgan Stanley lowered their target price on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Three equities research 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 data from MarketBeat.com, Cytek Biosciences currently has an average rating of “Hold” and a consensus target price of $5.69.

Cytek Biosciences Stock Down 1.6%

Shares of NASDAQ:CTKB opened at $4.31 on Friday. The company has a market cap of $556.59 million, a price-to-earnings ratio of -7.56 and a beta of 1.17. The business has a 50 day moving average price of $4.29 and a 200 day moving average price of $4.46. Cytek Biosciences, Inc. has a twelve month low of $3.28 and a twelve month high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%.The business had revenue of $44.13 million during the quarter, compared to the consensus estimate of $44.23 million. Analysts anticipate that Cytek Biosciences, Inc. will post -0.21 EPS for the current 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.