MaxCyte, Inc. (NASDAQ:MXCT) Stock Short Interest Rises 68.1%

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

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MXCT shares. Weiss Ratings raised shares of MaxCyte from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 22nd. BTIG Research reiterated a “neutral” rating on shares of MaxCyte in a report on Monday, August 24th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.00.

MaxCyte Price Performance

MXCT opened at $1.59 on Monday. The stock has a market capitalization of $164.10 million, a price-to-earnings ratio of -4.82 and a beta of 1.48. The business has a fifty day moving average price of $1.26 and a 200 day moving average price of $1.07. MaxCyte has a 12 month low of $0.64 and a 12 month high of $1.80.

MaxCyte (NASDAQ:MXCT) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $6.50 million during the quarter, compared to the consensus estimate of $6.51 million. MaxCyte had a negative return on equity of 18.92% and a negative net margin of 114.77%. On average, research analysts anticipate 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.