Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Down 50.2% in June

Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a large decline in short interest during the month of June. As of June 30th, there was short interest totaling 3,507,190 shares, a decline of 50.2% from the June 15th total of 7,042,866 shares. Based on an average daily trading volume, of 3,393,103 shares, the short-interest ratio is presently 1.0 days. Approximately 3.0% of the shares of the stock are short sold.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL acquired a new stake in shares of Cytek Biosciences in the 3rd quarter valued at $867,000. Simcoe Capital LLC purchased a new stake in shares of Cytek Biosciences during the 4th quarter worth $1,507,000. Quantinno Capital Management LP boosted its holdings in Cytek Biosciences by 72.7% in the first quarter. Quantinno Capital Management LP now owns 51,212 shares of the company’s stock valued at $224,000 after purchasing an additional 21,564 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cytek Biosciences by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock valued at $11,638,000 after buying an additional 16,438 shares in the last quarter. Finally, Illinois Municipal Retirement Fund purchased a new position in shares of Cytek Biosciences during the first quarter worth about $266,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Price Performance

Shares of CTKB stock traded up $0.01 during trading on Wednesday, hitting $4.63. 239,358 shares of the stock traded hands, compared to its average volume of 1,060,305. The firm has a market capitalization of $598.56 million, a P/E ratio of -8.15 and a beta of 1.17. The firm’s fifty day moving average price is $4.17 and its 200-day moving average price is $4.52. Cytek Biosciences has a 52-week low of $3.09 and a 52-week high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.07). The business had revenue of $44.13 million during the quarter, compared to analysts’ expectations of $44.23 million. Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%. As a group, equities research analysts expect that Cytek Biosciences will post -0.21 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Morgan Stanley dropped their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Tuesday, May 12th. Finally, Stephens reduced their price objective on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.69.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.