Cytek Biosciences, Inc. (NASDAQ:CTKB) Holdings Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 58.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 947,683 shares of the company's stock after acquiring an additional 349,146 shares during the quarter. JPMorgan Chase & Co. owned 0.74% of Cytek Biosciences worth $6,150,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Cytek Biosciences by 280.3% during 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. PNC Financial Services Group Inc. raised its stake in shares of Cytek Biosciences by 111.5% during 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. Proficio Capital Partners LLC purchased a new stake in shares of Cytek Biosciences during the fourth quarter valued at approximately $71,000. Cibc World Markets Corp purchased a new stake in shares of Cytek Biosciences during the fourth quarter valued at approximately $74,000. Finally, Bailard Inc. purchased a new stake in shares of Cytek Biosciences during the fourth quarter valued at approximately $123,000. Hedge funds and other institutional investors own 69.46% of the company's stock.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB traded up $0.20 during midday trading on Wednesday, reaching $3.99. 51,483 shares of the company traded hands, compared to its average volume of 711,116. Cytek Biosciences, Inc. has a 52 week low of $3.27 and a 52 week high of $7.63. The stock has a 50-day moving average price of $4.23 and a 200 day moving average price of $5.38. The company has a market cap of $511.11 million, a price-to-earnings ratio of -49.87 and a beta of 1.41.

Cytek Biosciences announced that its Board of Directors has authorized a share repurchase plan on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CTKB. Stephens reissued an "overweight" rating and set a $6.00 price target on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Piper Sandler reduced their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a 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.