MaxCyte (NASDAQ:MXCT) Stock Breaks Below Fifty Day Moving Average – Here’s What Happened

Shares of MaxCyte, Inc. (NASDAQ:MXCT) 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 changing hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on MXCT shares. Weiss Ratings lowered MaxCyte from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, November 4th. BTIG Research reaffirmed a “neutral” rating on shares of MaxCyte in a research note on Monday, August 24th. One 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 MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.00.

MaxCyte Price Performance

The firm has a market capitalization of $116.63 million, a PE ratio of -3.42 and a beta of 1.49. The firm has a fifty day moving average price of $1.26 and a 200 day moving average price of $1.07.

MaxCyte (NASDAQ:MXCT) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $7.39 million. MaxCyte had a negative return on equity of 18.92% and a negative net margin of 114.77%. On average, sell-side analysts expect that MaxCyte, Inc. will post -0.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new position in shares of MaxCyte in the second quarter worth about $44,000. Public Employees Retirement System of Ohio acquired a new stake in shares of MaxCyte during the second quarter valued at approximately $54,000. Bank of America Corp DE lifted its position in shares of MaxCyte by 30.1% in the 1st quarter. Bank of America Corp DE now owns 127,258 shares of the company’s stock valued at $89,000 after acquiring an additional 29,457 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of MaxCyte in the 2nd quarter valued at approximately $99,000. Finally, J. Goldman & Co LP purchased a new stake in shares of MaxCyte in the 2nd quarter valued at approximately $123,000. 68.81% of the stock is currently owned by institutional investors and hedge funds.

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.