Brown Capital Management, an investment management company, released its “The Brown Capital Management Small Company Strategy” Q3 2022 investor letter. A copy of the same can be downloaded here. The Small Company Composite returned -3.06% in the quarter compared to 0.24% for the Russell 2000 Growth Index. The rise in interest rates and inflation concerns drove equity market volatility in the quarter. In this scenario, despite the strong fundamentals, the strategy underperformed its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Brown Capital Management highlighted stocks like Cytek Biosciences, Inc. (NASDAQ:CTKB) in its Q3 2022 investor letter. Headquartered in Fremont, California, Cytek Biosciences, Inc. (NASDAQ:CTKB) is a cell analysis company. On December 16, 2022, Cytek Biosciences, Inc. (NASDAQ:CTKB) stock closed at $10.49 per share. One-month return of Cytek Biosciences, Inc. (NASDAQ:CTKB) was -28.93%, and its shares lost 37.89% of their value over the last 52 weeks. Cytek Biosciences, Inc. (NASDAQ:CTKB) has a market capitalization of $1.415 billion.
Brown Capital Management made the following comment about Cytek Biosciences, Inc. (NASDAQ:CTKB) in its Q3 2022 investor letter:
“Cytek Biosciences, Inc. (NASDAQ:CTKB) provides instruments, consumables and software that enable researchers and biopharma companies to perform various types of cell analysis using flow cytometry, which is a technique used to detect and measure physical and chemical characteristics of a population of cells or particles. Cytek’s instruments are used for cell counting and sorting, determining cell characteristics and functions, detecting microorganisms, diagnosing health disorders, and more. These capabilities help in areas such as infectious disease, immuno-oncology, blood cell disorders, allergies, autoimmune diseases, and many other applications. Cytek’s customers comprise many of the leading pharmaceutical companies, academic research centers, clinical research organizations and medical schools. The company’s patented Full Spectrum Profiling opticaldetection technology allows for the simultaneous identification of a greater number of biomarkers than can be detected using traditional flow-cytometry methods. This capability saves time, money and headaches for Cytek’s customers due to the increased efficiency of research processes and the high-resolution results that can be gathered in a shorter period of time and at a lower cost than with competitors’ solutions.
Cytek has already reached profitability through the sale of its instruments. The company recently launched its own line of consumable reagents to be used with these instruments, which provides an additional high-margin revenue stream to the company. Cytek generated revenue of $128 million in 2021 and sells its products into an addressable market that we estimate to be at least $8 billion. Due to the current low penetration of Cytek’s products and increasing adoption of its instruments and reagents, we expect Cytek Biosciences to grow revenue and profitability for many years into the future.”
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Cytek Biosciences, Inc. (NASDAQ:CTKB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Cytek Biosciences, Inc. (NASDAQ:CTKB) at the end of the third quarter, which was 14 in the previous quarter.
We discussed Cytek Biosciences, Inc. (NASDAQ:CTKB) in another article and shared RGA Investment Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
