JPMorgan Chase & Co. Grows Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

JPMorgan Chase & Co. raised its position in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 58.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 947,683 shares of the company’s stock after buying an additional 349,146 shares during the period. JPMorgan Chase & Co.’s holdings in Cytek Biosciences were worth $6,150,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after acquiring an additional 3,635 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock valued at $3,290,000 after purchasing an additional 3,753 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Cytek Biosciences by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after purchasing an additional 4,665 shares during the last quarter. Olympiad Research LP grew its stake in Cytek Biosciences by 51.0% in the fourth quarter. Olympiad Research LP now owns 19,601 shares of the company’s stock worth $127,000 after purchasing an additional 6,617 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in Cytek Biosciences in the fourth quarter valued at about $71,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTKB has been the topic of several research reports. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler dropped their price target 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. Finally, Stephens restated an “overweight” rating and set a $6.00 price objective on shares of Cytek Biosciences in a research report on Wednesday, March 19th.

Cytek Biosciences Price Performance

Shares of NASDAQ:CTKB opened at $3.65 on Friday. The stock has a market capitalization of $467.55 million, a P/E ratio of -45.62 and a beta of 1.41. The business has a 50-day moving average of $4.32 and a two-hundred day moving average of $5.41. Cytek Biosciences, Inc. has a fifty-two week low of $3.27 and a fifty-two week high of $7.63.

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

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.