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

MaxCyte, Inc. (NASDAQ:MXCT) was the target of a significant 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. Approximately 1.9% of the shares of the company are short sold. Based on an average daily volume of 1,714,275 shares, the short-interest ratio is currently 1.1 days.

MaxCyte Trading Down 8.8%

NASDAQ MXCT opened at $1.45 on Tuesday. MaxCyte has a 12 month low of $0.64 and a 12 month high of $1.80. The business’s 50-day moving average price is $1.26 and its two-hundred day moving average price is $1.07. The firm has a market capitalization of $149.65 million, a PE ratio of -4.39 and a beta of 1.49.

MaxCyte (NASDAQ:MXCT) last announced its earnings results on Wednesday, August 12th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $6.50 million for the quarter, compared to analyst estimates of $6.51 million. MaxCyte had a negative return on equity of 18.92% and a negative net margin of 114.77%. As a group, analysts forecast that MaxCyte will post -0.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of MaxCyte from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, October 22nd. 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vitruvian Partners LLP bought a new stake in shares of MaxCyte during the 2nd quarter valued at $6,203,328. BlackRock Inc. bought a new stake in shares of MaxCyte during the 2nd quarter valued at about $3,765,000. Brooklands Fund Management Ltd purchased a new stake in shares of MaxCyte in the 1st quarter worth $1,538,000. Renaissance Technologies LLC raised its stake in MaxCyte by 153.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,993,200 shares of the company’s stock worth $1,400,000 after acquiring an additional 1,206,300 shares during the period. Finally, Stonepine Capital Management LLC purchased a new position in shares of MaxCyte in the second quarter valued at about $924,475. Hedge funds and other institutional investors own 68.81% of the company’s stock.

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.