Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Free Report) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 5,470,000 shares, a drop of 13.7% from the July 15th total of 6,340,000 shares. Currently, 4.6% of the company’s shares are sold short. Based on an average daily trading volume, of 682,800 shares, the short-interest ratio is presently 8.0 days.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Algert Global LLC lifted its position in shares of Cytek Biosciences by 133.2% in the 2nd quarter. Algert Global LLC now owns 295,275 shares of the company’s stock worth $1,648,000 after purchasing an additional 168,665 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Cytek Biosciences by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock worth $357,000 after purchasing an additional 2,460 shares during the period. Millennium Management LLC lifted its position in shares of Cytek Biosciences by 3,452.2% in the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after purchasing an additional 919,845 shares during the period. Dark Forest Capital Management LP lifted its position in shares of Cytek Biosciences by 85.3% in the 2nd quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock worth $118,000 after purchasing an additional 9,711 shares during the period. Finally, Deerfield Management Company L.P. Series C acquired a new position in shares of Cytek Biosciences in the 2nd quarter worth approximately $869,000. Institutional investors and hedge funds own 69.46% of the company’s stock.
Cytek Biosciences Trading Up 0.7 %
NASDAQ:CTKB traded up $0.04 during mid-day trading on Monday, hitting $5.53. 451,157 shares of the company’s stock were exchanged, compared to its average volume of 700,476. The company has a 50 day simple moving average of $5.86 and a 200-day simple moving average of $6.46. Cytek Biosciences has a fifty-two week low of $3.80 and a fifty-two week high of $9.87. The firm has a market capitalization of $725.94 million, a P/E ratio of -61.44 and a beta of 1.33.
Analysts Set New Price Targets
Separately, Piper Sandler cut their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.
View Our Latest Stock Analysis on Cytek Biosciences
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.
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