Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Large Decrease in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a significant decrease in short interest in June. As of June 30th, there was short interest totaling 3,507,190 shares, a decrease of 50.2% from the June 15th total of 7,042,866 shares. Based on an average daily trading volume, of 3,393,103 shares, the days-to-cover ratio is presently 1.0 days. Currently, 3.0% of the company’s stock are sold short.

Cytek Biosciences Price Performance

NASDAQ CTKB traded up $0.04 on Thursday, hitting $4.70. 218,455 shares of the stock were exchanged, compared to its average volume of 1,056,397. The company has a market capitalization of $606.33 million, a price-to-earnings ratio of -8.24 and a beta of 1.17. Cytek Biosciences has a 52-week low of $3.09 and a 52-week high of $6.18. The company’s 50-day moving average price is $4.16 and its two-hundred day moving average price is $4.51.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The company had revenue of $44.13 million for the quarter, compared to analysts’ expectations of $44.23 million. Equities analysts predict that Cytek Biosciences will post -0.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CTKB has been the topic of a number of recent research reports. Stephens reduced their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Finally, Morgan Stanley lowered their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.69.

Institutional Trading of Cytek Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL bought a new stake in Cytek Biosciences during the third quarter valued at about $867,000. Simcoe Capital LLC acquired a new position in shares of Cytek Biosciences in the fourth quarter valued at $1,507,000. Quantinno Capital Management LP lifted its holdings in shares of Cytek Biosciences by 72.7% during the 1st quarter. Quantinno Capital Management LP now owns 51,212 shares of the company’s stock worth $224,000 after acquiring an additional 21,564 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Cytek Biosciences by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock valued at $11,638,000 after purchasing an additional 16,438 shares in the last quarter. Finally, Illinois Municipal Retirement Fund acquired a new stake in Cytek Biosciences in the 1st quarter valued at $266,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.