Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Significant Decrease in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a significant drop in short interest in January. As of January 31st, there was short interest totalling 3,170,000 shares, a drop of 8.6% from the January 15th total of 3,470,000 shares. Currently, 2.7% of the company’s stock are short sold. Based on an average trading volume of 799,100 shares, the days-to-cover ratio is presently 4.0 days.

Analysts Set New Price Targets

CTKB has been the topic of several analyst reports. Piper Sandler raised their target price on shares of 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 cut shares of Cytek Biosciences from a “buy” rating to a “sell” rating and cut their price objective for the stock from $7.00 to $4.50 in a report on Friday, January 31st.

Cytek Biosciences Stock Performance

CTKB stock traded up $0.08 during midday trading on Tuesday, reaching $5.31. 653,353 shares of the company were exchanged, compared to its average volume of 837,402. The company has a market cap of $683.98 million, a price-to-earnings ratio of -66.37 and a beta of 1.40. The stock’s 50-day simple moving average is $6.04 and its 200 day simple moving average is $5.78. Cytek Biosciences has a 1-year low of $4.66 and a 1-year high of $9.33.

Cytek Biosciences declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds have recently modified their holdings of CTKB. Sterling Capital Management LLC grew its position in shares of Cytek Biosciences by 799.8% during the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after acquiring an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in Cytek Biosciences in the 4th quarter valued at $25,000. GAMMA Investing LLC grew its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares during the last quarter. 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 buying an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Cytek Biosciences in the 4th quarter valued at $71,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

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.