Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Large Decline in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 4,200,000 shares, a drop of 6.0% from the October 15th total of 4,470,000 shares. Currently, 3.6% of the company’s stock are sold short. Based on an average daily volume of 673,900 shares, the days-to-cover ratio is currently 6.2 days.

Cytek Biosciences Stock Performance

CTKB opened at $5.95 on Monday. The company has a market capitalization of $766.42 million, a P/E ratio of -74.37 and a beta of 1.32. The company has a 50-day moving average of $5.41 and a 200-day moving average of $5.70. Cytek Biosciences has a 1-year low of $4.66 and a 1-year high of $9.87.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The firm had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. During the same period in the previous year, the company earned ($0.03) earnings per share. As a group, sell-side analysts expect that Cytek Biosciences will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Piper Sandler upped their target price on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, November 11th.

Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in CTKB. Geode Capital Management LLC increased its stake in Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after purchasing an additional 89,210 shares during the last quarter. Barclays PLC boosted its holdings in shares of Cytek Biosciences by 333.6% in the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after buying an additional 154,915 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Cytek Biosciences during the 3rd quarter valued at about $269,000. XTX Topco Ltd acquired a new stake in Cytek Biosciences during the third quarter worth about $145,000. Finally, State Street Corp lifted its holdings in 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 acquiring an additional 194,369 shares during the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

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.