Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Large Increase in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 4,530,000 shares, a growth of 18.9% from the March 15th total of 3,810,000 shares. Approximately 3.9% of the shares of the stock are short sold. Based on an average trading volume of 878,800 shares, the short-interest ratio is presently 5.2 days.

Cytek Biosciences Trading Up 2.8 %

Cytek Biosciences stock traded up $0.11 during trading hours on Tuesday, hitting $3.81. 145,363 shares of the stock traded hands, compared to its average volume of 840,615. The company has a market cap of $487.41 million, a PE ratio of -47.56 and a beta of 1.41. The firm’s 50-day moving average price is $4.25 and its two-hundred day moving average price is $5.39. Cytek Biosciences has a one year low of $3.27 and a one year high of $7.63.

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

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its position in Cytek Biosciences by 321.8% in the 4th quarter. Millennium Management LLC now owns 803,923 shares of the company’s stock worth $5,217,000 after buying an additional 613,314 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Cytek Biosciences during the 4th quarter valued at about $2,527,000. JPMorgan Chase & Co. increased its stake in Cytek Biosciences by 58.3% in the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company’s stock worth $6,150,000 after purchasing an additional 349,146 shares during the period. Royce & Associates LP boosted its stake in shares of Cytek Biosciences by 159.6% during the fourth quarter. Royce & Associates LP now owns 470,819 shares of the company’s stock valued at $3,056,000 after purchasing an additional 289,425 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Cytek Biosciences by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after buying an additional 262,607 shares during the period. Institutional investors own 69.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CTKB. The Goldman Sachs Group set a $5.25 price objective on Cytek Biosciences in a research note on Sunday, February 2nd. Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Finally, Stephens reaffirmed an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a research report on Wednesday, March 19th.

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.