Investment management company RGA Investment Advisors recently released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund is not happy with its portfolio’s relative performance in the second quarter. High inflation and actions of the Federal Reserve to manage the inflation affected the market’s performance in the second quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
RGA Investment Advisors discussed stocks like Cytek Biosciences, Inc. (NASDAQ:CTKB) in the second quarter investor letter. Cytek Biosciences, Inc. (NASDAQ:CTKB) is a notable cell analysis solutions company headquartered in Fremont, California. On August 22, 2022, Cytek Biosciences, Inc. (NASDAQ:CTKB) stock closed at $13.14 per share. One-month return of Cytek Biosciences, Inc. (NASDAQ:CTKB) was 9.68% and its shares lost 41.34% of their value over the last 52 weeks. Cytek Biosciences, Inc. (NASDAQ:CTKB) has a market capitalization of $1.769 billion.
Here is what RGA Investment Advisors specifically said about Cytek Biosciences, Inc. (NASDAQ:CTKB):
“Cytek Biosciences, Inc. (NASDAQ:CTKB)– Cytek is one of those companies we think might end up a true gift from this environment. The company went public in 2021 and raised considerable capital due to the enthusiasm of the opportunity for Cytek to fundamentally change flow cytometry–a critical piece of biological research and diagnostics to analyze cells or particles. Flow cytometers are everywhere, though we do not often hear about them. Fast forward to today and Cytek’s shares have collapsed from the IPO price, despite the company being free cash flow positive and holding 30% of its market cap in net cash ($362 million). The company’s proprietary technology replaced expensive vacuum tubes with much cheaper avalanche photodiodes, which allows for both higher precision, faster throughput and most importantly lower cost of ownership and operation. What customers don’t want better quality at a lower price? Competition is not even close. Cytek sells flow cytometers, but importantly they are now building a reagent business to complement their instrument. This means they will have a razor blade and business model, selling the instrument with a nice profit margin and the reagents for throughput at an even better margin. Despite considerable growth investments, the company is profitable (on an adjusted EBITDA and cash flow basis) today and will be even more so in the future.”
Cytek Biosciences, Inc. (NASDAQ:CTKB) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Cytek Biosciences, Inc. (NASDAQ:CTKB) was held by 14 hedge fund portfolios at the end of the first quarter, which was 18 in the previous quarter.
We discussed Cytek Biosciences, Inc. (NASDAQ:CTKB) in another article and shared the list of biotech stocks to buy according to Chinese billionaire Lei Zhang. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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