Wellington Management Group LLP Decreases Stock Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Wellington Management Group LLP lowered its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 24.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,517,214 shares of the company’s stock after selling 489,925 shares during the period. Wellington Management Group LLP owned about 1.18% of Cytek Biosciences worth $9,847,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the business. GAMMA Investing LLC increased its position in Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Cytek Biosciences by 111.5% during the 4th 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 period. Proficio Capital Partners LLC purchased a new stake in Cytek Biosciences during the 4th quarter worth $71,000. Cibc World Markets Corp purchased a new stake in Cytek Biosciences during the 4th quarter worth $74,000. Finally, Bailard Inc. acquired a new position in Cytek Biosciences in the 4th quarter worth $123,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CTKB. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler dropped their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 4th. Finally, Stephens restated an “overweight” rating and issued a $6.00 target price on shares of Cytek Biosciences in a research report on Wednesday, March 19th.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $3.74 on Thursday. The firm has a 50 day simple moving average of $4.53 and a 200-day simple moving average of $5.48. The stock has a market capitalization of $479.08 million, a PE ratio of -46.74 and a beta of 1.41. Cytek Biosciences, Inc. has a 12-month low of $3.27 and a 12-month high of $7.63.

Cytek Biosciences announced that its Board of Directors has authorized a share buyback program on Monday, December 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

About Cytek Biosciences

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.