Short Interest in Cytek Biosciences, Inc. (NASDAQ:CTKB) Grows By 18.9%

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 4,530,000 shares, a growth of 18.9% from the March 15th total of 3,810,000 shares. Based on an average trading volume of 878,800 shares, the days-to-cover ratio is presently 5.2 days. Currently, 3.9% of the company’s stock are sold short.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Piper Sandler dropped their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Finally, Stephens restated an “overweight” rating and set a $6.00 target price on shares of Cytek Biosciences in a report on Wednesday, March 19th.

Cytek Biosciences Stock Up 2.4 %

Shares of CTKB stock opened at $3.79 on Wednesday. Cytek Biosciences has a 12 month low of $3.27 and a 12 month high of $7.63. The company has a market cap of $485.49 million, a PE ratio of -47.37 and a beta of 1.41. The business’s 50 day moving average is $4.23 and its two-hundred day moving average is $5.38.

Cytek Biosciences declared that its board has initiated a share repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cytek Biosciences by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,074 shares of the company’s stock valued at $448,000 after purchasing an additional 2,373 shares during the last quarter. State of Tennessee Department of Treasury boosted its stake in Cytek Biosciences by 4.4% during the 4th quarter. State of Tennessee Department of Treasury now owns 70,502 shares of the company’s stock valued at $458,000 after purchasing an additional 3,003 shares during the period. Sterling Capital Management LLC grew 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 valued at $25,000 after buying an additional 3,455 shares during the last quarter. GAMMA Investing LLC increased its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Cytek Biosciences by 0.7% during the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock worth $3,290,000 after buying an additional 3,753 shares during the last quarter. Institutional investors own 69.46% of the company’s stock.

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.