Verition Fund Management LLC Raises Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Verition Fund Management LLC grew its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 175.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,942 shares of the company’s stock after buying an additional 24,185 shares during the quarter. Verition Fund Management LLC’s holdings in Cytek Biosciences were worth $210,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SlateStone Wealth LLC purchased a new stake in Cytek Biosciences during the second quarter valued at approximately $70,000. Olympiad Research LP purchased a new stake in Cytek Biosciences during the 3rd quarter valued at $72,000. Everence Capital Management Inc. lifted its position in Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after buying an additional 2,900 shares during the last quarter. Dark Forest Capital Management LP boosted its stake 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 buying an additional 9,711 shares during the period. Finally, Intech Investment Management LLC purchased a new position in Cytek Biosciences during the third quarter worth $128,000. Institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

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

Cytek Biosciences Price Performance

Shares of NASDAQ:CTKB opened at $6.21 on Monday. The firm has a market capitalization of $799.92 million, a PE ratio of -77.63 and a beta of 1.46. The business has a 50 day simple moving average of $5.92 and a two-hundred day simple moving average of $5.75. Cytek Biosciences, Inc. has a 1 year low of $4.66 and a 1 year high of $9.87.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. The company had revenue of $51.50 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted ($0.03) EPS. Equities research analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal 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.