MaxCyte (NASDAQ:MXCT) Shares Cross Below 50-Day Moving Average – What’s Next?

MaxCyte, Inc. (NASDAQ:MXCT) shares passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $1.26 and traded as low as $1.08. MaxCyte shares last traded at $1.13, with a volume of 4,482,102 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MXCT. BTIG Research reaffirmed a “neutral” rating on shares of MaxCyte in a report on Monday, August 24th. Stifel Nicolaus set a $4.00 price target on shares of MaxCyte in a research note on Thursday. Finally, Weiss Ratings cut shares of MaxCyte from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MaxCyte currently has a consensus rating of “Hold” and a consensus target price of $4.50.

MaxCyte Stock Performance

The company’s 50-day moving average price is $1.25 and its 200 day moving average price is $1.07.

MaxCyte (NASDAQ:MXCT) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The firm had revenue of $8.16 million for the quarter, compared to analysts’ expectations of $7.39 million. MaxCyte had a negative net margin of 81.40% and a negative return on equity of 15.05%. As a group, sell-side analysts expect that MaxCyte, Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MXCT. Canada Pension Plan Investment Board bought a new stake in shares of MaxCyte during the 2nd quarter valued at $44,000. Public Employees Retirement System of Ohio bought a new position in MaxCyte in the 2nd quarter worth $54,000. Bank of America Corp DE raised its holdings in MaxCyte by 30.1% in the 1st quarter. Bank of America Corp DE now owns 127,258 shares of the company’s stock worth $89,000 after purchasing an additional 29,457 shares during the period. Bank of New York Mellon Corp bought a new position in MaxCyte in the 2nd quarter worth $99,000. Finally, J. Goldman & Co LP purchased a new position in MaxCyte during the second quarter valued at $123,000. 68.81% of the stock is currently owned by institutional investors.

MaxCyte Company Profile

MaxCyte, Inc. (NASDAQ: MXCT) is a life sciences company that develops technologies for engineering cells used in biopharmaceutical research and the development of cell-based therapies. Its platform is designed to help researchers modify cells efficiently for applications including cell therapy, gene editing, immuno-oncology and other advanced biological treatments. The company’s primary offering is the ExPERT platform, which combines Flow Electroporation technology with specialized instruments, single-use processing assemblies, software and related support services.