MaxCyte, Inc. (NASDAQ:MXCT) Shares Shorted: Short Interest Up 68.1% in October

MaxCyte, Inc. (NASDAQ:MXCT) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 1,831,817 shares, an increase of 68.1% from the September 30th total of 1,089,972 shares. Based on an average trading volume of 1,714,275 shares, the days-to-cover ratio is presently 1.1 days. Approximately 1.9% of the shares of the company are short sold.

Analyst Ratings Changes

Several research firms have weighed in on MXCT. BTIG Research reiterated a “neutral” rating on shares of MaxCyte in a research note on Monday, August 24th. Weiss Ratings upgraded MaxCyte from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 22nd. 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.00.

Institutional Investors Weigh In On MaxCyte

Hedge funds have recently added to or reduced their stakes in the business. Susquehanna International Group LLP boosted its stake in shares of MaxCyte by 277.5% in the second quarter. Susquehanna International Group LLP now owns 156,992 shares of the company’s stock worth $193,000 after buying an additional 115,408 shares during the last quarter. Stonepine Capital Management LLC purchased a new position in MaxCyte during the second quarter valued at approximately $924,475. Public Employees Retirement System of Ohio purchased a new position in MaxCyte during the second quarter valued at approximately $54,000. Bank of America Corp DE purchased a new position in MaxCyte during the second quarter valued at approximately $124,000. Finally, Man Group plc acquired a new position in MaxCyte in the second quarter valued at approximately $552,000. 68.81% of the stock is owned by hedge funds and other institutional investors.

MaxCyte Stock Performance

Shares of NASDAQ MXCT opened at $1.46 on Wednesday. The company has a 50 day simple moving average of $1.26 and a two-hundred day simple moving average of $1.07. MaxCyte has a 12 month low of $0.64 and a 12 month high of $1.80.

MaxCyte (NASDAQ:MXCT) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. MaxCyte had a negative net margin of 114.77% and a negative return on equity of 18.92%. The firm had revenue of $6.50 million for the quarter, compared to analyst estimates of $6.51 million. Equities research analysts forecast that MaxCyte will post -0.25 earnings per share for the current year.

About MaxCyte

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.