Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 2.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 601,695 shares of the company’s stock after selling 13,935 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.47% of Cytek Biosciences worth $3,905,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. State Street Corp increased its position in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after acquiring an additional 194,369 shares during the period. Geode Capital Management LLC increased its holdings in Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after buying an additional 89,210 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cytek Biosciences by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock valued at $6,899,000 after buying an additional 32,028 shares during the last quarter. Bank of New York Mellon Corp increased 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 buying an additional 11,665 shares during the last quarter. Finally, FMR LLC increased its holdings in Cytek Biosciences by 4.8% in the third quarter. FMR LLC now owns 667,076 shares of the company’s stock valued at $3,696,000 after buying an additional 30,386 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th.

Cytek Biosciences Stock Performance

Shares of CTKB stock opened at $4.20 on Monday. The stock’s 50-day moving average is $5.39 and its two-hundred day moving average is $5.67. The firm has a market cap of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41. Cytek Biosciences, Inc. has a 1 year low of $4.05 and a 1 year high of $7.63.

Cytek Biosciences declared that its Board of Directors has initiated a stock repurchase program on Monday, December 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.