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

Verition Fund Management LLC boosted its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 175.8% in the third quarter, Holdings Channel reports. The institutional investor owned 37,942 shares of the company’s stock after acquiring an additional 24,185 shares during the period. Verition Fund Management LLC’s holdings in Cytek Biosciences were worth $210,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its position in shares of Cytek Biosciences by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock worth $357,000 after acquiring an additional 2,460 shares in the last quarter. Everence Capital Management Inc. grew its stake in Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock valued at $93,000 after purchasing an additional 2,900 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in Cytek Biosciences by 6.8% in the third quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock worth $285,000 after purchasing an additional 3,300 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Cytek Biosciences by 5.1% in the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $463,000 after purchasing an additional 4,096 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Cytek Biosciences by 8.0% during the third quarter. State of Alaska Department of Revenue now owns 60,785 shares of the company’s stock valued at $336,000 after buying an additional 4,521 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

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

Cytek Biosciences Trading Down 4.0 %

Shares of CTKB opened at $6.21 on Monday. The firm has a market cap of $799.92 million, a PE ratio of -77.63 and a beta of 1.46. Cytek Biosciences, Inc. has a 12 month low of $4.66 and a 12 month high of $9.87. The stock has a fifty day moving average price of $5.92 and a 200-day moving average price of $5.75.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $51.50 million during the quarter, compared to analysts’ expectations 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 period last year, the business posted ($0.03) earnings per share. As a group, research analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences Company 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.