Cornerstone Investment Partners LLC Takes Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Cornerstone Investment Partners LLC purchased a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) in the fourth quarter, HoldingsChannel reports. The firm purchased 31,411 shares of the company’s stock, valued at approximately $204,000.

Several other institutional investors have also recently bought and sold shares of CTKB. Louisiana State Employees Retirement System increased its stake in shares of Cytek Biosciences by 6.8% in the 3rd quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock valued at $285,000 after buying an additional 3,300 shares during the period. State of Alaska Department of Revenue boosted its holdings in Cytek Biosciences by 8.0% in the third quarter. State of Alaska Department of Revenue now owns 60,785 shares of the company’s stock valued at $336,000 after acquiring an additional 4,521 shares during the last quarter. Olympiad Research LP bought a new position in Cytek Biosciences in the third quarter valued at about $72,000. Principal Financial Group Inc. increased its position in Cytek Biosciences by 4.8% in the third quarter. Principal Financial Group Inc. now owns 503,172 shares of the company’s stock worth $2,788,000 after purchasing an additional 23,028 shares during the period. Finally, GSA Capital Partners LLP raised its holdings in Cytek Biosciences by 158.6% during the 3rd quarter. GSA Capital Partners LLP now owns 37,884 shares of the company’s stock worth $210,000 after purchasing an additional 23,237 shares during the last quarter. Institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CTKB. Piper Sandler lowered their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Trading Up 0.2 %

NASDAQ CTKB opened at $4.31 on Wednesday. Cytek Biosciences, Inc. has a 12 month low of $4.20 and a 12 month high of $8.44. The stock has a 50-day simple moving average of $5.74 and a 200 day simple moving average of $5.74. The company has a market capitalization of $555.18 million, a PE ratio of -53.87 and a beta of 1.40.

Cytek Biosciences announced that its Board of Directors has approved a share repurchase plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.