MaxCyte (NASDAQ:MXCT) Stock Price Down 5.8% – Here’s What Happened

MaxCyte, Inc. (NASDAQ:MXCT) dropped 5.8% during trading on Thursday . The company traded as low as $4.67 and last traded at $4.77. Approximately 497,769 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 657,849 shares. The stock had previously closed at $5.06.

MaxCyte Price Performance

The stock has a market cap of $503.18 million, a price-to-earnings ratio of -14.00 and a beta of 1.29. The firm has a 50 day simple moving average of $4.10 and a two-hundred day simple moving average of $4.07.

MaxCyte (NASDAQ:MXCT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. MaxCyte had a negative net margin of 78.36% and a negative return on equity of 16.00%. The business had revenue of $8.16 million for the quarter, compared to the consensus estimate of $7.50 million. During the same period last year, the company posted ($0.11) EPS. On average, sell-side analysts expect that MaxCyte, Inc. will post -0.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MaxCyte

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. bought a new position in MaxCyte during the third quarter worth about $260,000. Barclays PLC raised its position in shares of MaxCyte by 329.3% during the third quarter. Barclays PLC now owns 165,765 shares of the company’s stock worth $645,000 after purchasing an additional 127,156 shares during the period. Geode Capital Management LLC lifted its holdings in shares of MaxCyte by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,474,632 shares of the company’s stock valued at $9,628,000 after purchasing an additional 47,960 shares in the last quarter. Mudita Advisors LLP grew its position in shares of MaxCyte by 5.6% in the 3rd quarter. Mudita Advisors LLP now owns 3,153,441 shares of the company’s stock valued at $12,267,000 after purchasing an additional 167,101 shares during the period. Finally, State Street Corp increased its stake in MaxCyte by 5.1% during the 3rd quarter. State Street Corp now owns 2,269,135 shares of the company’s stock worth $8,827,000 after purchasing an additional 111,066 shares in the last quarter. Institutional investors and hedge funds own 68.81% of the company’s stock.

About MaxCyte

MaxCyte, Inc, a life sciences company, discovers, develops, and commercializes next-generation cell therapies in the United States and internationally. Its products include ExPERT ATx, a static electroporation instrument for small to medium scale transfection; ExPERT STx, a flow electroporation for protein production and drug development, as well as expression of therapeutic targets for cell-based assays; ExPERT GTx, a flow electroporation for large scale transfection in therapeutic applications; and ExPERT VLx for very large volume cell-engineering.