Brown Capital Management LLC Sells 1,893,910 Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB)

Brown Capital Management LLC reduced its position in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 16.6% during the third quarter, HoldingsChannel reports. The firm owned 9,493,474 shares of the company’s stock after selling 1,893,910 shares during the period. Brown Capital Management LLC owned about 0.07% of Cytek Biosciences worth $52,594,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Millennium Management LLC lifted its stake in Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after buying an additional 919,845 shares during the period. Renaissance Technologies LLC acquired a new stake in Cytek Biosciences in the 2nd quarter valued at $1,305,000. Squarepoint Ops LLC increased its stake in Cytek Biosciences by 1,013.8% during the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock valued at $1,045,000 after purchasing an additional 170,539 shares in the last quarter. Algert Global LLC raised its holdings 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 acquiring an additional 168,665 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in shares of Cytek Biosciences in the second quarter worth approximately $869,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

CTKB opened at $6.13 on Thursday. The company’s 50-day moving average price is $5.45 and its two-hundred day moving average price is $5.70. Cytek Biosciences, Inc. has a twelve month low of $4.66 and a twelve month high of $9.87.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The firm had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. During the same quarter last year, the business earned ($0.03) earnings per share. Sell-side analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised their price target on shares of Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, November 11th.

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.