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On Wednesday, BTIG analyst Mark Massaro revised the price target for MaxCyte Inc. (NASDAQ:MXCT) to $6.00, down from the previous $8.00, while maintaining a Buy rating on the company’s shares. The stock currently trades at $3.47, near its 52-week low of $3.17. According to InvestingPro data, analyst targets range from $7.00 to $11.00, suggesting significant upside potential despite recent market challenges. MaxCyte experienced a year-over-year revenue decline of 6% as it closed out 2024. Despite this dip, the company saw a 9% increase in core revenue year-over-year, bolstered by a significant 36% rise in consumable revenue. This growth was somewhat diminished by a 15% drop in instrument revenue and a notable 47% decrease in milestone-based revenue. The latter was attributed to the challenging comparison with late 2023’s milestone payments from Vertex (NASDAQ:VRTX) for the regulatory approvals of CASGEVY.
In 2024, MaxCyte achieved a record number of six strategic platform license (SPL) agreements, concluding the year with 28 active SPL agreements. These agreements are anticipated to yield downstream economic benefits, with 18 currently active in clinical stages and one being commercial. InvestingPro analysis reveals the company maintains a strong financial position with a current ratio of 9.81, indicating robust liquidity to support its growth initiatives. Get access to 7 more exclusive ProTips and comprehensive financial metrics with an InvestingPro subscription. For 2025, MaxCyte has initiated a revenue guide projecting an 8-15% increase in year-over-year core revenue growth. This forecast includes contributions from the recently acquired SeQure Dx business but falls short of BTIG’s initial expectations. Management has described this guidance as conservative.
Massaro’s decision to adjust the price target reflects a more cautious stance due to macroeconomic and funding uncertainties within the biopharmaceutical sector. Despite the lowered revenue estimates for 2025 and 2026, BTIG continues to view MaxCyte’s position in the cell and gene therapy market favorably. The company maintains a healthy gross profit margin of 86%, though InvestingPro’s detailed analysis suggests the stock is currently fairly valued. Discover the complete financial story with InvestingPro’s comprehensive Research Report, available for MaxCyte and 1,400+ other US stocks. The analyst’s commentary provided the rationale behind the revised price target, stating, "We continue to like MXCT’s opportunities in the cell and gene therapy market; however, given our lower estimates, we trim our PT from $8 to $6." This change in valuation is a direct response to the conservative revenue guidance and the current economic climate affecting biopharma investments.
In other recent news, MaxSight reported its Q4 2024 earnings, revealing a revenue of $8.7 million, marking a significant 45% decline from the same period last year. Despite this downturn, the company exceeded earnings per share expectations, posting an EPS of -0.1 compared to the forecast of -0.12. MaxSight concluded 2024 with a total revenue of $38.6 million, a 6% decrease from the previous year, while core revenue increased by 9% to $32.5 million, driven by a 36% growth in Processing Assembly revenue. The company ended the year with $190.3 million in cash and no debt. Additionally, MaxSight recently acquired SecurDx, which is expected to contribute at least $2 million in 2024, and the company projects an 8-15% growth in core revenue for 2025. Analyst firm William Blair participated in the earnings call, where the potential integration and revenue impact of SecurDx were discussed. MaxSight’s SPL program-related revenue is anticipated to reach approximately $5 million in 2025.
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