MaxCyte downgraded to Neutral from Buy at BTIG

BTIG downgraded MaxCyte (MXCT) to Neutral from Buy without a price target after “a tough Q2 business update” and lowering of the bar for 2025. MaxCyte lowered its 2025 revenue guide by $5M, or 14% of its business, citing ongoing challenges for many of its cell and gene therapy customers to obtain capital to fund programs, purchase capital, or lease its systems, the analyst noted. The firm thinks the company still has a best-in-class electroporation platform, arguing that the “number one driver to turn the business around is simply its customers becoming more readily able to raise money and invest in more programs.”