MaxCyte (NASDAQ:MXCT) Shares Cross Below 50 Day Moving Average – Here’s Why

Shares of MaxCyte, Inc. (NASDAQ:MXCT) passed below its fifty day moving average during trading on Tuesday. The stock has a fifty 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 changing hands.

Wall Street Analyst Weigh In

MXCT has been the subject of a number of research reports. Weiss Ratings downgraded shares of MaxCyte from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, November 4th. BTIG Research reiterated a “neutral” rating on shares of MaxCyte in a research note on Monday, August 24th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.00.

MaxCyte Stock Down 13.1%

The company has a market cap of $116.63 million, a P/E ratio of -3.42 and a beta of 1.49. The company has a 50 day moving average price of $1.26 and a 200-day moving average price of $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, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $8.16 million for the quarter, compared to analysts’ expectations of $7.39 million. MaxCyte had a negative net margin of 114.77% and a negative return on equity of 18.92%. On average, research analysts expect 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 the stock. Vitruvian Partners LLP acquired a new stake in shares of MaxCyte in the 2nd quarter worth approximately $6,203,328. BlackRock Inc. acquired a new position in shares of MaxCyte during the second quarter valued at approximately $3,765,000. Brooklands Fund Management Ltd acquired a new position in shares of MaxCyte during the first quarter valued at approximately $1,538,000. Renaissance Technologies LLC increased its stake in shares of MaxCyte by 153.3% during the first quarter. Renaissance Technologies LLC now owns 1,993,200 shares of the company’s stock valued at $1,400,000 after acquiring an additional 1,206,300 shares during the period. Finally, Stonepine Capital Management LLC bought a new stake in MaxCyte during the second quarter worth approximately $924,475. 68.81% of the stock is currently owned by institutional investors.

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.