JPMorgan Chase & Co. Lowers Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

JPMorgan Chase & Co. trimmed its position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 598,537 shares of the company’s stock after selling 9,903 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.46% of Cytek Biosciences worth $3,316,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Olympiad Research LP purchased a new position in shares of Cytek Biosciences during the 3rd quarter valued at approximately $72,000. Everence Capital Management Inc. raised its position in Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after acquiring an additional 2,900 shares during the period. Dark Forest Capital Management LP raised its position in Cytek Biosciences by 85.3% during the second quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock worth $118,000 after acquiring an additional 9,711 shares during the period. Intech Investment Management LLC purchased a new position in Cytek Biosciences during the third quarter valued at $128,000. Finally, XTX Topco Ltd acquired a new stake in shares of Cytek Biosciences in the third quarter valued at about $145,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $5.46 on Monday. The firm has a 50 day simple moving average of $6.51 and a 200-day simple moving average of $5.89. The stock has a market cap of $703.30 million, a price-to-earnings ratio of -68.24 and a beta of 1.44. Cytek Biosciences, Inc. has a 1-year low of $4.66 and a 1-year high of $9.33.

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

Cytek Biosciences declared that its board has approved a share buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Separately, Piper Sandler raised their target price on 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.