Insider Selling: Cytek Biosciences, Inc. (NASDAQ:CTKB) CTO Sells 20,000 Shares of Stock

Cytek Biosciences, Inc. (NASDAQ:CTKB) CTO Ming Yan sold 20,000 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $5.87, for a total transaction of $117,400.00. Following the completion of the transaction, the chief technology officer now owns 5,988,502 shares of the company’s stock, valued at approximately $35,152,506.74. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Ming Yan also recently made the following trade(s):

• On Tuesday, April 9th, Ming Yan sold 1,900 shares of Cytek Biosciences stock. The shares were sold at an average price of $7.00, for a total transaction of $13,300.00.
• On Monday, March 18th, Ming Yan sold 20,000 shares of Cytek Biosciences stock. The shares were sold at an average price of $6.77, for a total transaction of $135,400.00.

Cytek Biosciences Trading Up 0.2 %

Shares of Cytek Biosciences stock traded up $0.01 during mid-day trading on Tuesday, hitting $5.81. 376,789 shares of the stock were exchanged, compared to its average volume of 736,488. Cytek Biosciences, Inc. has a twelve month low of $3.80 and a twelve month high of $12.31. The stock has a market capitalization of $760.06 million, a price-to-earnings ratio of -64.55 and a beta of 1.37. The company has a 50-day simple moving average of $7.13 and a 200 day simple moving average of $7.09.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings results on Wednesday, March 13th. The company reported $0.04 earnings per share (EPS) for the quarter. Cytek Biosciences had a negative net margin of 6.29% and a negative return on equity of 1.40%. The company had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $56.66 million. Equities research analysts forecast that Cytek Biosciences, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on CTKB. The Goldman Sachs Group raised their target price on shares of Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Piper Sandler dropped their target price on shares of Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.00.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently modified their holdings of CTKB. Vanguard Group Inc. lifted its position in Cytek Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock valued at $108,443,000 after buying an additional 811,279 shares in the last quarter. New York State Common Retirement Fund lifted its position in Cytek Biosciences by 42.5% during the third quarter. New York State Common Retirement Fund now owns 2,348,015 shares of the company’s stock valued at $12,961,000 after buying an additional 700,701 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cytek Biosciences during the third quarter valued at approximately $1,261,000. Charles Schwab Investment Management Inc. lifted its position in Cytek Biosciences by 19.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 835,693 shares of the company’s stock valued at $4,613,000 after buying an additional 136,201 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Cytek Biosciences by 7.4% during the third quarter. Wellington Management Group LLP now owns 1,445,538 shares of the company’s stock valued at $7,979,000 after buying an additional 99,170 shares in the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

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.