Raymond James Financial Inc. Makes New $765,000 Investment in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Raymond James Financial Inc. bought a new position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) during the 4th quarter, Holdings Channel reports. The fund bought 117,870 shares of the company’s stock, valued at approximately $765,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Intech Investment Management LLC purchased a new stake in Cytek Biosciences during the third quarter worth about $128,000. Charles Schwab Investment Management Inc. lifted its position in shares of Cytek Biosciences by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after acquiring an additional 113,127 shares during the period. FMR LLC boosted its stake in shares of Cytek Biosciences by 4.8% during the 3rd quarter. FMR LLC now owns 667,076 shares of the company’s stock worth $3,696,000 after acquiring an additional 30,386 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Cytek Biosciences by 7.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 226,013 shares of the company’s stock worth $1,252,000 after acquiring an additional 15,200 shares during the period. Finally, Verition Fund Management LLC increased its stake in Cytek Biosciences by 175.8% in the 3rd quarter. Verition Fund Management LLC now owns 37,942 shares of the company’s stock valued at $210,000 after purchasing an additional 24,185 shares in the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB opened at $3.71 on Friday. The company has a 50-day simple moving average of $4.73 and a 200-day simple moving average of $5.54. The company has a market cap of $475.24 million, a PE ratio of -46.37 and a beta of 1.41. Cytek Biosciences, Inc. has a 12 month low of $3.52 and a 12 month high of $7.63.

Cytek Biosciences announced that its Board of Directors has initiated a share repurchase program on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CTKB shares. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Stephens reiterated an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Finally, Piper Sandler cut their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th.

Cytek Biosciences 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.