Short Interest in Cytek Biosciences, Inc. (NASDAQ:CTKB) Rises By 9.2%

Cytek Biosciences, Inc. (NASDAQ:CTKBGet Free Report) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 8,510,000 shares, an increase of 9.2% from the February 29th total of 7,790,000 shares. Currently, 7.1% of the shares of the stock are sold short. Based on an average daily volume of 731,300 shares, the days-to-cover ratio is presently 11.6 days.

Cytek Biosciences Stock Down 2.7 %

Shares of NASDAQ CTKB traded down $0.18 during trading hours on Tuesday, reaching $6.52. 843,661 shares of the stock traded hands, compared to its average volume of 735,822. The company has a market capitalization of $852.95 million, a P/E ratio of -65.20 and a beta of 1.37. Cytek Biosciences has a 52-week low of $3.80 and a 52-week high of $12.31. The company’s 50-day simple moving average is $7.71 and its two-hundred day simple moving average is $7.07.

Insiders Place Their Bets

In other Cytek Biosciences news, CTO Ming Yan sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $6.77, for a total value of $135,400.00. Following the completion of the transaction, the chief technology officer now owns 6,030,402 shares in the company, valued at approximately $40,825,821.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cytek Biosciences

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Cytek Biosciences by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock valued at $108,443,000 after buying an additional 811,279 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Cytek Biosciences by 16.8% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 116,937 shares of the company’s stock worth $1,067,000 after purchasing an additional 16,804 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Cytek Biosciences by 9.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,678 shares of the company’s stock worth $280,000 after purchasing an additional 2,630 shares during the period. Legal & General Group Plc increased its stake in Cytek Biosciences by 3.5% in the 4th quarter. Legal & General Group Plc now owns 288,766 shares of the company’s stock worth $2,634,000 after purchasing an additional 9,655 shares during the period. Finally, Barclays PLC increased its stake in Cytek Biosciences by 285.0% in the 4th quarter. Barclays PLC now owns 189,343 shares of the company’s stock worth $1,727,000 after purchasing an additional 140,164 shares during the period. 69.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Stephens assumed coverage on Cytek Biosciences in a research report on Thursday, December 14th. They set an “overweight” rating and a $9.00 price target for the company. Piper Sandler dropped their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Wednesday, March 6th. Finally, The Goldman Sachs Group lifted their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Cytek Biosciences currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Check Out Our Latest Analysis on CTKB

Cytek Biosciences Company Profile

(Get Free Report)

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.

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