Bailard Inc. Takes $123,000 Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Bailard Inc. acquired a new position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 18,900 shares of the company’s stock, valued at approximately $123,000.

Several other large investors have also recently bought and sold shares of CTKB. GAMMA Investing LLC grew its stake in shares of Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares during the period. Proficio Capital Partners LLC purchased a new stake in Cytek Biosciences during the fourth quarter worth about $71,000. Olympiad Research LP acquired a new position in Cytek Biosciences during the third quarter worth about $72,000. Intech Investment Management LLC purchased a new position in Cytek Biosciences in the third quarter valued at about $128,000. Finally, XTX Topco Ltd acquired a new stake in shares of Cytek Biosciences during the 3rd quarter valued at approximately $145,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Trading Up 3.7 %

Shares of CTKB opened at $4.47 on Thursday. The company has a 50-day moving average of $5.70 and a two-hundred day moving average of $5.73. The stock has a market cap of $575.79 million, a P/E ratio of -55.87 and a beta of 1.40. Cytek Biosciences, Inc. has a 12-month low of $4.20 and a 12-month high of $8.18.

Cytek Biosciences announced that its Board of Directors has approved a share repurchase plan on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences 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.