Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 1.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 730,709 shares of the company’s stock after acquiring an additional 11,665 shares during the period. Bank of New York Mellon Corp’s holdings in Cytek Biosciences were worth $4,742,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CTKB. GAMMA Investing LLC increased its holdings in shares of Cytek Biosciences by 280.3% during 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 last quarter. Olympiad Research LP grew its position in Cytek Biosciences by 51.0% during the fourth quarter. Olympiad Research LP now owns 19,601 shares of the company’s stock valued at $127,000 after acquiring an additional 6,617 shares during the period. Intech Investment Management LLC acquired a new stake in Cytek Biosciences during the third quarter worth about $128,000. XTX Topco Ltd purchased a new position in shares of Cytek Biosciences in the 3rd quarter worth about $145,000. Finally, Dynamic Technology Lab Private Ltd increased its position in Cytek Biosciences by 19.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company’s stock worth $155,000 after purchasing an additional 4,533 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Price Performance

Shares of CTKB opened at $4.36 on Tuesday. The stock has a market capitalization of $558.50 million, a P/E ratio of -54.49 and a beta of 1.41. Cytek Biosciences, Inc. has a 12-month low of $4.05 and a 12-month high of $7.63. The firm’s 50 day moving average is $5.34 and its 200-day moving average is $5.67.

Cytek Biosciences declared that its Board of Directors has authorized a share buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th.

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.