He described the company’s involvement in the development of so many different drugs as a “portfolio play on T cell modification and gene editing – you want that portfolio effect otherwise the outcome is too binary”.
The firm also has drugs of its own, which are treatments for conditions such as ovarian cancer, under development.
Mr Penny said MaxCyte was roughly breaking even if we disregard the drugs arm, which would “continue to consume cash until it finds a partner”.
He said an alternative was a sale or flotation, probably on America’s Nasdaq market, for that part of the group.
“I would expect the company as a whole to start generating pre-tax profits when it finds a partner for the drugs arm or floats it off. It could be profitable next year but it may decide to invest to grow sales instead – that is the American way.”
In-keeping with that culture, the firm may even decide that its stock market quote should cross the Atlantic too.
“The UK stock market is not used to this kind of company but the American one is,” Mr Penny said. “This means there is a disparity – such businesses are undervalued here but enjoy elevated valuations on Wall Street. So I think MaxCyte will take its listing to Nasdaq next year.”
He said he currently saw the shares as worth 500p on the basis of the value of its component parts and we can hope for a further boost from a future shift to Nasdaq.
Questor says: buy
Share price at close: 370p
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