Versor Investments LP Makes New Investment in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Versor Investments LP acquired a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 47,000 shares of the company’s stock, valued at approximately $305,000.

Several other institutional investors have also recently added to or reduced their stakes in CTKB. State Street Corp boosted its stake in Cytek Biosciences by 4.9% in the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after buying an additional 194,369 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after acquiring an additional 89,210 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Cytek Biosciences by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after acquiring an additional 113,127 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Cytek Biosciences by 1.6% in the fourth quarter. Bank of New York Mellon Corp now owns 730,709 shares of the company’s stock valued at $4,742,000 after purchasing an additional 11,665 shares during the period. Finally, FMR LLC increased its position in Cytek Biosciences by 4.8% during the third quarter. FMR LLC now owns 667,076 shares of the company’s stock worth $3,696,000 after purchasing an additional 30,386 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler increased their target price on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research report on Monday, November 11th.

Cytek Biosciences Price Performance

NASDAQ CTKB opened at $4.30 on Tuesday. Cytek Biosciences, Inc. has a 1-year low of $4.22 and a 1-year high of $9.33. The firm has a market capitalization of $553.89 million, a P/E ratio of -53.74 and a beta of 1.40. The business’s 50-day simple moving average is $5.79 and its 200-day simple moving average is $5.75.

Cytek Biosciences declared that its Board of Directors has authorized a share repurchase plan on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership 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.