Short Interest in Cytek Biosciences, Inc. (NASDAQ:CTKB) Rises By 16.9%

Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 9,950,000 shares, a growth of 16.9% from the March 15th total of 8,510,000 shares. Based on an average daily trading volume, of 723,300 shares, the short-interest ratio is currently 13.8 days. Currently, 8.4% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of analysts recently issued reports on CTKB shares. Piper Sandler lowered their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Wednesday, March 6th. The Goldman Sachs Group raised their price target on Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $9.00.

Cytek Biosciences Stock Down 0.5 %

Shares of NASDAQ:CTKB traded down $0.03 on Tuesday, hitting $5.99. 1,268,403 shares of the company’s stock were exchanged, compared to its average volume of 735,894. Cytek Biosciences has a 12 month low of $3.80 and a 12 month high of $12.31. The business’s 50 day simple moving average is $7.40 and its two-hundred day simple moving average is $7.07.

Insider Buying and Selling

In other news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $6.77, for a total value of $135,400.00. Following the completion of the transaction, the chief technology officer now owns 6,030,402 shares in the company, valued at approximately $40,825,821.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytek Biosciences

Several institutional investors have recently made changes to their positions in CTKB. Principal Financial Group Inc. purchased a new position in shares of Cytek Biosciences during the first quarter valued at $171,000. ProShare Advisors LLC purchased a new position in shares of Cytek Biosciences during the first quarter valued at $197,000. JPMorgan Chase & Co. increased its stake in shares of Cytek Biosciences by 402.5% during the first quarter. JPMorgan Chase & Co. now owns 49,906 shares of the company’s stock valued at $538,000 after buying an additional 39,974 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Cytek Biosciences by 403.9% during the first quarter. Bank of New York Mellon Corp now owns 266,335 shares of the company’s stock valued at $2,871,000 after buying an additional 213,476 shares during the period. Finally, MetLife Investment Management LLC grew its stake in Cytek Biosciences by 749.0% in the first quarter. MetLife Investment Management LLC now owns 54,754 shares of the company’s stock valued at $590,000 after purchasing an additional 48,305 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.