Bank of New York Mellon Corp Grows Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Bank of New York Mellon Corp raised its position in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 1.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 730,709 shares of the company’s stock after purchasing an additional 11,665 shares during the quarter. Bank of New York Mellon Corp owned 0.57% of Cytek Biosciences worth $4,742,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares in the last quarter. Olympiad Research LP raised its stake in shares of Cytek Biosciences by 51.0% during the fourth quarter. Olympiad Research LP now owns 19,601 shares of the company’s stock valued at $127,000 after acquiring an additional 6,617 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Cytek Biosciences in the third quarter valued at approximately $128,000. XTX Topco Ltd bought a new position in Cytek Biosciences in the third quarter worth approximately $145,000. Finally, Dynamic Technology Lab Private Ltd increased its holdings in Cytek Biosciences by 19.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company’s stock worth $155,000 after purchasing an additional 4,533 shares during the period. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Up 3.8 %

Shares of NASDAQ CTKB opened at $4.36 on Tuesday. The stock has a market capitalization of $558.50 million, a price-to-earnings ratio of -54.49 and a beta of 1.41. Cytek Biosciences, Inc. has a 52 week low of $4.05 and a 52 week high of $7.63. The firm has a 50-day simple moving average of $5.34 and a 200-day simple moving average of $5.67.

Cytek Biosciences announced that its Board of Directors has initiated a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CTKB. Piper Sandler lowered their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research 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.