Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Down 50.2% in June

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 3,507,190 shares, a decrease of 50.2% from the June 15th total of 7,042,866 shares. Currently, 3.0% of the shares of the company are sold short. Based on an average daily volume of 3,393,103 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Investors Weigh In On Cytek Biosciences

Institutional investors have recently bought and sold shares of the business. Boston Partners raised its holdings in shares of Cytek Biosciences by 13,369.4% during the fourth quarter. Boston Partners now owns 5,008,309 shares of the company’s stock worth $25,297,000 after acquiring an additional 4,971,126 shares in the last quarter. Topline Capital Management LLC increased its position in Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after purchasing an additional 3,760,485 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Cytek Biosciences during the 3rd quarter worth about $8,817,000. Millennium Management LLC raised its stake in shares of Cytek Biosciences by 269.6% during the 3rd quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after purchasing an additional 2,493,610 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Cytek Biosciences by 527.6% during the 4th quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company’s stock worth $5,056,000 after purchasing an additional 841,614 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB traded down $0.06 during mid-day trading on Friday, reaching $4.58. 211,471 shares of the company traded hands, compared to its average volume of 1,055,197. Cytek Biosciences has a fifty-two week low of $3.09 and a fifty-two week high of $6.18. The firm has a market cap of $592.11 million, a PE ratio of -8.04 and a beta of 1.17. The stock has a fifty day simple moving average of $4.16 and a 200-day simple moving average of $4.51.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The business had revenue of $44.13 million during the quarter, compared to analyst estimates of $44.23 million. As a group, analysts predict that Cytek Biosciences will post -0.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Morgan Stanley decreased their price objective on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Tuesday, May 12th. Finally, Stephens lowered their target price on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.69.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.