Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Rating) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 3,250,000 shares, a drop of 13.8% from the October 15th total of 3,770,000 shares. Currently, 4.4% of the shares of the stock are sold short. Based on an average daily volume of 676,600 shares, the days-to-cover ratio is currently 4.8 days.
Analysts Set New Price Targets
CTKB has been the topic of a number of recent research reports. Piper Sandler lifted their target price on Cytek Biosciences from $16.00 to $17.00 in a report on Monday. Morgan Stanley raised their target price on Cytek Biosciences from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 12th. Finally, The Goldman Sachs Group lifted their price objective on Cytek Biosciences from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, August 11th.
In other news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction on Friday, August 19th. The stock was sold at an average price of $13.62, for a total transaction of $272,400.00. Following the transaction, the chief technology officer now directly owns 8,045,624 shares in the company, valued at approximately $109,581,398.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction on Friday, August 19th. The stock was sold at an average price of $13.62, for a total value of $272,400.00. Following the transaction, the chief technology officer now directly owns 8,045,624 shares in the company, valued at approximately $109,581,398.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Patrik Jeanmonod sold 3,500 shares of Cytek Biosciences stock in a transaction on Monday, September 26th. The stock was sold at an average price of $12.63, for a total value of $44,205.00. Following the completion of the transaction, the chief financial officer now owns 89,063 shares in the company, valued at $1,124,865.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,500 shares of company stock worth $1,802,340. 15.90% of the stock is owned by company insiders.
Institutional Trading of Cytek Biosciences
A number of institutional investors and hedge funds have recently made changes to their positions in CTKB. New York State Common Retirement Fund lifted its position in shares of Cytek Biosciences by 555.2% in the first quarter. New York State Common Retirement Fund now owns 70,954 shares of the company’s stock worth $765,000 after buying an additional 60,125 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Cytek Biosciences in the first quarter worth about $171,000. ProShare Advisors LLC acquired a new stake in shares of Cytek Biosciences in the first quarter worth about $197,000. JPMorgan Chase & Co. lifted its position in shares of Cytek Biosciences by 402.5% in the first quarter. JPMorgan Chase & Co. now owns 49,906 shares of the company’s stock worth $538,000 after buying an additional 39,974 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Cytek Biosciences by 403.9% in the first quarter. Bank of New York Mellon Corp now owns 266,335 shares of the company’s stock worth $2,871,000 after buying an additional 213,476 shares during the last quarter. Institutional investors and hedge funds own 43.54% of the company’s stock.
Cytek Biosciences Trading Down 0.3 %
CTKB opened at $14.60 on Tuesday. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -1,464.00 and a beta of 0.05. Cytek Biosciences has a 1 year low of $7.38 and a 1 year high of $23.64. The stock has a fifty day moving average price of $14.25 and a 200 day moving average price of $12.34.
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, which leverages full spectrum profiling technology to further broaden potential applications across cell analysis.
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