Topline Capital Management LLC Increases Stock Position in Cytek Biosciences, Inc. $CTKB

Topline Capital Management LLC raised its position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 521.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,470,775 shares of the company’s stock after buying an additional 1,234,179 shares during the quarter. Cytek Biosciences comprises approximately 1.3% of Topline Capital Management LLC’s portfolio, making the stock its 19th biggest position. Topline Capital Management LLC owned 1.15% of Cytek Biosciences worth $5,898,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CTKB. Wells Fargo & Company MN lifted its position in Cytek Biosciences by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 71,240 shares of the company’s stock valued at $462,000 after buying an additional 15,516 shares during the period. Raymond James Financial Inc. purchased a new position in Cytek Biosciences during the fourth quarter valued at $765,000. Barclays PLC raised its position in shares of Cytek Biosciences by 7.0% in the 4th quarter. Barclays PLC now owns 215,424 shares of the company’s stock worth $1,397,000 after purchasing an additional 14,065 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cytek Biosciences by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after purchasing an additional 262,607 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of Cytek Biosciences by 5.9% in the 4th quarter. MetLife Investment Management LLC now owns 74,398 shares of the company’s stock worth $483,000 after purchasing an additional 4,158 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Insiders Place Their Bets

In other Cytek Biosciences news, CFO William D. Mccombe bought 35,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $2.78 per share, with a total value of $97,300.00. Following the transaction, the chief financial officer owned 55,746 shares in the company, valued at $154,973.88. This represents a 168.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 10.33% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CTKB shares. TD Cowen lowered Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 price target for the company. in a research report on Friday, May 9th. The Goldman Sachs Group lowered their price target on Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Monday, May 12th. Finally, Morgan Stanley lowered their price target on Cytek Biosciences from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cytek Biosciences presently has a consensus rating of “Hold” and an average price target of $5.60.

Cytek Biosciences Stock Performance

Shares of NASDAQ:CTKB opened at $4.09 on Thursday. Cytek Biosciences, Inc. has a fifty-two week low of $2.37 and a fifty-two week high of $7.63. The business has a 50-day simple moving average of $3.64 and a two-hundred day simple moving average of $3.75. The firm has a market cap of $520.33 million, a price-to-earnings ratio of -81.80 and a beta of 1.34.

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.