Cytek Biosciences, Inc. $CTKB Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 19.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 534,759 shares of the company’s stock after selling 132,168 shares during the quarter. Principal Financial Group Inc. owned approximately 0.41% of Cytek Biosciences worth $2,337,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd boosted its stake in Cytek Biosciences by 86.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after purchasing an additional 2,388 shares during the period. SBI Securities Co. Ltd. grew its position in Cytek Biosciences by 99.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock worth $25,000 after purchasing an additional 2,500 shares in the last quarter. Intech Investment Management LLC raised its stake in Cytek Biosciences by 6.7% during the 4th quarter. Intech Investment Management LLC now owns 51,740 shares of the company’s stock valued at $261,000 after purchasing an additional 3,242 shares during the period. Deutsche Bank AG lifted its holdings in shares of Cytek Biosciences by 4.6% in the fourth quarter. Deutsche Bank AG now owns 93,139 shares of the company’s stock valued at $470,000 after purchasing an additional 4,119 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Cytek Biosciences by 150.9% in the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after buying an additional 4,343 shares during the period. 69.46% of the stock is owned by hedge funds and other institutional investors.

Cytek Biosciences Stock Down 1.6%

Shares of NASDAQ:CTKB opened at $4.31 on Friday. The firm has a fifty day moving average of $4.29 and a two-hundred day moving average of $4.46. The firm has a market capitalization of $556.59 million, a P/E ratio of -7.56 and a beta of 1.17. Cytek Biosciences, Inc. has a 12-month low of $3.28 and a 12-month high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The company had revenue of $44.13 million during the quarter, compared to analyst estimates of $44.23 million. Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%. Equities research analysts expect that Cytek Biosciences, Inc. will post -0.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Morgan Stanley lowered their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Finally, Stephens lowered their target price on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.69.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.