Trexquant Investment LP Raises Stock Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Trexquant Investment LP raised its position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 50.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 242,599 shares of the company's stock after purchasing an additional 80,909 shares during the period. Trexquant Investment LP owned 0.19% of Cytek Biosciences worth $1,574,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Cytek Biosciences by 58.3% during the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock worth $6,150,000 after buying an additional 349,146 shares in the last quarter. Royce & Associates LP grew its holdings in shares of Cytek Biosciences by 159.6% during the fourth quarter. Royce & Associates LP now owns 470,819 shares of the company's stock worth $3,056,000 after purchasing an additional 289,425 shares in the last quarter. State Street Corp increased its position in shares of Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company's stock worth $23,088,000 after purchasing an additional 194,369 shares during the last quarter. Barclays PLC lifted its position in Cytek Biosciences by 333.6% during the third quarter. Barclays PLC now owns 201,359 shares of the company's stock valued at $1,116,000 after purchasing an additional 154,915 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Cytek Biosciences in the 4th quarter worth approximately $765,000. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Stock Performance

NASDAQ:CTKB traded down $0.04 during trading hours on Tuesday, reaching $3.73. The company's stock had a trading volume of 80,366 shares, compared to its average volume of 720,335. The firm has a 50-day simple moving average of $4.42 and a 200-day simple moving average of $5.45. Cytek Biosciences, Inc. has a 1 year low of $3.27 and a 1 year high of $7.63. The firm has a market capitalization of $477.16 million, a price-to-earnings ratio of -46.56 and a beta of 1.41.

Cytek Biosciences declared that its board has initiated a stock repurchase program 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 programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on CTKB. Stephens restated an "overweight" rating and set a $6.00 price objective on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Piper Sandler cut their price objective on 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 objective on 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.