Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 2.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 601,695 shares of the company’s stock after selling 13,935 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Cytek Biosciences were worth $3,905,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. GAMMA Investing LLC lifted its position in Cytek Biosciences by 280.3% in the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after purchasing an additional 3,635 shares during the period. Principal Financial Group Inc. lifted its position in Cytek Biosciences by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock valued at $3,290,000 after purchasing an additional 3,753 shares during the period. Thrivent Financial for Lutherans lifted its position in 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 purchasing an additional 4,096 shares during the period. Dynamic Technology Lab Private Ltd lifted its position in Cytek Biosciences by 19.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company’s stock valued at $155,000 after purchasing an additional 4,533 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after purchasing an additional 4,665 shares during the period. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Trading Up 1.4 %

Shares of Cytek Biosciences stock opened at $4.20 on Monday. Cytek Biosciences, Inc. has a 12-month low of $4.05 and a 12-month high of $7.63. The stock has a market cap of $538.01 million, a PE ratio of -52.49 and a beta of 1.41. The company has a 50-day moving average of $5.39 and a two-hundred day moving average of $5.67.

Cytek Biosciences declared that its Board of Directors has initiated a share buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

CTKB has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Piper Sandler reduced their price objective 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.

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.