Bank of America Corp DE Boosts Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Bank of America Corp DE increased its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 67.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 344,960 shares of the company’s stock after purchasing an additional 138,492 shares during the period. Bank of America Corp DE owned 0.27% of Cytek Biosciences worth $2,239,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Sterling Capital Management LLC grew its position in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after acquiring an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC bought a new position in Cytek Biosciences in the 4th quarter valued at $25,000. PNC Financial Services Group Inc. grew its position in 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 acquiring an additional 4,665 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Cytek Biosciences during the 4th quarter worth $71,000. Finally, Cibc World Markets Corp bought a new position in shares of Cytek Biosciences during the 4th quarter worth $74,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CTKB. TD Cowen downgraded Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 price target on the stock. in a research report on Friday, May 9th. Stephens restated an “overweight” rating and set a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday, March 19th. The Goldman Sachs Group decreased their price objective on Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating for the company in a research note on Monday, May 12th. Piper Sandler decreased 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. Finally, Morgan Stanley decreased their price target on Cytek Biosciences from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.60.

Cytek Biosciences Stock Up 2.2%

Shares of NASDAQ:CTKB opened at $2.83 on Tuesday. Cytek Biosciences, Inc. has a 52-week low of $2.37 and a 52-week high of $7.63. The stock has a market cap of $358.44 million, a price-to-earnings ratio of -35.37 and a beta of 1.42. The business has a 50-day moving average price of $3.38 and a 200-day moving average price of $4.89.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The company had revenue of $41.46 million for the quarter, compared to analyst estimates of $43.18 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. As a group, equities analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

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 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.