JPMorgan Chase & Co. Raises Stake in Cytek Biosciences, Inc. (NASDAQ:CTKB)

JPMorgan Chase & Co. increased its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 58.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 947,683 shares of the company’s stock after buying an additional 349,146 shares during the quarter. JPMorgan Chase & Co. owned about 0.74% of Cytek Biosciences worth $6,150,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in Cytek Biosciences by 280.3% in the fourth 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 period. PNC Financial Services Group Inc. lifted its stake in shares of Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after purchasing an additional 4,665 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Cytek Biosciences in the 4th quarter valued at $71,000. Cibc World Markets Corp purchased a new stake in Cytek Biosciences during the fourth quarter worth $74,000. Finally, Bailard Inc. acquired a new stake in Cytek Biosciences during the fourth quarter valued at $123,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on CTKB. Stephens reaffirmed an “overweight” rating and set a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a research note on Sunday, February 2nd. Finally, Piper Sandler cut their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th.

Cytek Biosciences Trading Down 0.5 %

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

Cytek Biosciences announced that its board has approved a share repurchase program on Monday, December 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Cytek Biosciences 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.