MaxCyte (NASDAQ:MXCT) Stock Falls 1% – What’s Next?

MaxCyte, Inc. (NASDAQ:MXCT) shares dropped 1% during mid-day trading on Friday. The stock traded as low as $0.99 and last traded at $1.01. Approximately 240,006 shares changed hands during trading, a decline of 31% from the average session volume of 345,584 shares. The stock had previously closed at $1.02.

Analyst Ratings Changes

A number of research analysts have issued reports on MXCT shares. Weiss Ratings cut MaxCyte from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. BTIG Research reissued a “neutral” rating on shares of MaxCyte in a research report on Monday, August 24th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.00.

MaxCyte Stock Down 1.0%

The firm has a market cap of $104.24 million, a PE ratio of -3.06 and a beta of 1.49. The firm has a 50-day moving average price of $1.21 and a two-hundred day moving average price of $1.09.

MaxCyte (NASDAQ:MXCT) last announced its earnings results on Wednesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $6.50 million for the quarter, compared to analysts’ expectations of $6.51 million. MaxCyte had a negative net margin of 114.77% and a negative return on equity of 18.92%. Research analysts forecast that MaxCyte, Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Trading of MaxCyte

A number of hedge funds and other institutional investors have recently made changes to their positions in MXCT. Renaissance Technologies LLC lifted its stake in shares of MaxCyte by 153.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,993,200 shares of the company’s stock valued at $1,400,000 after purchasing an additional 1,206,300 shares during the last quarter. BlackRock Inc. acquired a new position in MaxCyte during the second quarter worth $3,765,000. Vitruvian Partners LLP purchased a new stake in shares of MaxCyte in the 2nd quarter valued at $6,203,328. Brooklands Fund Management Ltd purchased a new position in MaxCyte during the 1st quarter valued at about $1,538,000. Finally, Stonepine Capital Management LLC purchased a new stake in MaxCyte during the second quarter worth about $924,475. Institutional investors and hedge funds own 68.81% of the company’s stock.

About MaxCyte

MaxCyte, Inc is a biotechnology company that develops and commercializes cell-engineering technologies for use in biopharmaceutical research, development and manufacturing. Its platform is designed to introduce nucleic acids and other molecules into cells, supporting applications such as cell therapy, gene editing, induced pluripotent stem cells and protein production.

The company’s primary offering is the ExPERT platform, which combines electroporation instruments, proprietary processing protocols, software and single-use processing assemblies.