Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down to $6.91

Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped down prior to trading on Wednesday . The stock had previously closed at $6.91, but opened at $6.53. Cytek Biosciences shares last traded at $6.49, with a volume of 35,759 shares trading hands.

Analyst Ratings Changes

Several research analysts have commented on the stock. Stephens began coverage on shares of Cytek Biosciences in a report on Thursday, December 14th. They set an “overweight” rating and a $9.00 price objective for the company. The Goldman Sachs Group raised their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Finally, Piper Sandler decreased their price objective on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Cytek Biosciences Stock Performance

The stock has a market cap of $824.17 million, a P/E ratio of -69.99 and a beta of 1.37. The stock’s fifty day moving average is $7.47 and its 200 day moving average is $7.06.

Insider Buying and Selling at Cytek Biosciences

In related news, CTO Ming Yan sold 20,000 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $6.77, for a total value of $135,400.00. Following the completion of the sale, the chief technology officer now directly owns 6,030,402 shares in the company, valued at $40,825,821.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of Cytek Biosciences by 222.0% during the third quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock valued at $30,000 after buying an additional 1,430 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Cytek Biosciences by 16.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,009 shares of the company’s stock worth $85,000 after acquiring an additional 1,445 shares during the last quarter. Metropolitan Life Insurance Co NY boosted its holdings in Cytek Biosciences by 31.5% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company’s stock valued at $69,000 after acquiring an additional 1,536 shares during the period. Price T Rowe Associates Inc. MD grew its position in Cytek Biosciences by 7.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,534 shares of the company’s stock valued at $198,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Credit Suisse AG grew its position in Cytek Biosciences by 3.5% in the 3rd quarter. Credit Suisse AG now owns 47,115 shares of the company’s stock valued at $694,000 after acquiring an additional 1,604 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors.

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.