Shares of MaxCyte, Inc. (NASDAQ:MXCT) have received an average recommendation of “Hold” from five analysts currently covering the company, according to Marketbeat Ratings. The consensus price target for the stock stands at $7.00 for the next twelve months. This mixed sentiment includes one analyst rating the stock as a sell, two as hold, and two as buy.
Analysts have recently updated their positions on MaxCyte’s stock. Notably, Wall Street Zen downgraded the rating from “hold” to “sell” on January 10, 2024. Additionally, Weiss Ratings reaffirmed a “sell (e+)” rating on December 29, 2023, indicating cautious sentiment within the investment community.
Quarterly Earnings Reveal Challenges
The company’s financial performance has also contributed to the current market outlook. MaxCyte released its quarterly earnings on November 12, 2023, reporting an earnings per share (EPS) of ($0.12), which fell short of analysts’ expectations of ($0.11). Revenue for the quarter amounted to $6.41 million, significantly below the anticipated $8.37 million. The firm reported a negative net margin of 132.57% and a negative return on equity of 23.50%. Analysts predict that the company will post an EPS of ($0.42) for the current fiscal year.
Institutional Investors Increase Stakes
Institutional interest in MaxCyte has also been notable, with recent modifications in holdings by hedge funds. Farther Finance Advisors LLC increased its stake in the company by an impressive 7,935.4% in the second quarter, now owning 11,812 shares valued at approximately $26,000. Other institutions, such as Prudential Financial Inc. and CWM LLC, have also made significant moves, with CWM boosting its holdings by 92.7%, now holding 12,132 shares worth $26,000.
The trend shows that approximately 68.81% of MaxCyte’s stock is held by institutional investors and hedge funds, indicating a strong interest from more significant financial entities.
MaxCyte, Inc. is a clinical-stage cell therapy platform company that specializes in proprietary flow electroporation technology. This technology is crucial for the delivery of macromolecules into living cells, supporting research and development in various fields, including engineered T cells and induced pluripotent stem cell therapies.
As the market continues to react to MaxCyte’s performance and analyst ratings, stakeholders will be closely monitoring upcoming developments and financial results to gauge the company’s trajectory in the competitive biotech landscape.
