Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Purchased by Olympiad Research LP

Olympiad Research LP raised its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 51.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,601 shares of the company’s stock after acquiring an additional 6,617 shares during the period. Olympiad Research LP’s holdings in Cytek Biosciences were worth $127,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CTKB. GAMMA Investing LLC raised its stake in shares of Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares during the last quarter. Intech Investment Management LLC purchased a new position in Cytek Biosciences during the 3rd quarter worth $128,000. XTX Topco Ltd acquired a new stake in shares of Cytek Biosciences in the 3rd quarter worth $145,000. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Cytek Biosciences by 19.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company’s stock valued at $155,000 after acquiring an additional 4,533 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in Cytek Biosciences during the fourth quarter worth about $196,000. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Down 1.6 %

Shares of CTKB stock opened at $5.12 on Monday. The stock has a market cap of $658.86 million, a P/E ratio of -63.93 and a beta of 1.40. Cytek Biosciences, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $9.33. The business has a fifty day simple moving average of $5.97 and a 200-day simple moving average of $5.77.

Cytek Biosciences announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

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

About Cytek Biosciences

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.