The Manufacturers Life Insurance Company Lowers Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

The Manufacturers Life Insurance Company lessened its position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 27.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,740 shares of the company’s stock after selling 17,263 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cytek Biosciences were worth $259,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Everence Capital Management Inc. increased its holdings in shares of Cytek Biosciences by 20.9% during the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock valued at $93,000 after purchasing an additional 2,900 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Cytek Biosciences by 6.8% in the third quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock valued at $285,000 after purchasing an additional 3,300 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Cytek Biosciences by 5.1% in the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock valued at $463,000 after acquiring an additional 4,096 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Cytek Biosciences by 8.0% in the third quarter. State of Alaska Department of Revenue now owns 60,785 shares of the company’s stock worth $336,000 after acquiring an additional 4,521 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its holdings in Cytek Biosciences by 19.3% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company’s stock valued at $155,000 after acquiring an additional 4,533 shares during the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Cytek Biosciences Stock Up 6.0 %

Shares of Cytek Biosciences stock opened at $6.58 on Tuesday. The firm has a market cap of $847.58 million, a PE ratio of -82.25 and a beta of 1.46. Cytek Biosciences, Inc. has a 52 week low of $4.66 and a 52 week high of $9.87. The business’s fifty day simple moving average is $5.95 and its 200-day simple moving average is $5.76.

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

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.