Needham & Company LLC Cuts Cryoport (NASDAQ:CYRX) Price Target to $11.00

Cryoport (NASDAQ:CYRX) had its target price dropped by equities research analysts at Needham & Company LLC from $18.00 to $11.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 31.74% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. Jefferies Financial Group cut shares of Cryoport from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $20.00 to $8.00 in a research note on Wednesday. B. Riley raised shares of Cryoport from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $19.00 to $15.00 in a report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Cryoport presently has an average rating of “Hold” and a consensus target price of $14.57.

Cryoport Trading Up 2.3 %

Shares of Cryoport stock traded up $0.19 during trading hours on Wednesday, hitting $8.35. The company’s stock had a trading volume of 474,588 shares, compared to its average volume of 610,338. The business has a fifty day moving average of $8.51 and a 200 day moving average of $13.19. The company has a market capitalization of $411.30 million, a PE ratio of -3.30 and a beta of 1.59. Cryoport has a 1-year low of $5.32 and a 1-year high of $20.10. The company has a quick ratio of 10.22, a current ratio of 10.73 and a debt-to-equity ratio of 0.86.

Cryoport (NASDAQ:CYRX) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($1.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($1.25). The business had revenue of $57.60 million during the quarter, compared to the consensus estimate of $57.65 million. Cryoport had a negative return on equity of 15.19% and a negative net margin of 50.17%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.42) earnings per share. As a group, equities analysts forecast that Cryoport will post -1.39 EPS for the current year.

Insiders Place Their Bets

In other news, Director Ramkumar Mandalam sold 4,167 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $8.04, for a total value of $33,502.68. Following the completion of the transaction, the director now owns 56,032 shares of the company’s stock, valued at $450,497.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Edward J. Zecchini sold 3,443 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $13.37, for a total value of $46,032.91. Following the sale, the insider now directly owns 60,051 shares in the company, valued at approximately $802,881.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ramkumar Mandalam sold 4,167 shares of Cryoport stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $8.04, for a total value of $33,502.68. Following the transaction, the director now directly owns 56,032 shares of the company’s stock, valued at approximately $450,497.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,715 shares of company stock valued at $188,224. 10.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Cryoport

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System grew its stake in shares of Cryoport by 5.4% in the fourth quarter. Arizona State Retirement System now owns 13,665 shares of the company’s stock worth $212,000 after acquiring an additional 696 shares during the last quarter. Conestoga Capital Advisors LLC grew its holdings in Cryoport by 4.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 70,727 shares of the company’s stock valued at $1,096,000 after buying an additional 2,825 shares in the last quarter. WCM Investment Management LLC boosted its holdings in shares of Cryoport by 8.0% in the 4th quarter. WCM Investment Management LLC now owns 324,091 shares of the company’s stock worth $5,176,000 after purchasing an additional 24,107 shares during the period. New York State Common Retirement Fund lifted its stake in shares of Cryoport by 29.9% during the 4th quarter. New York State Common Retirement Fund now owns 1,642,752 shares of the company’s stock worth $25,446,000 after acquiring an additional 378,340 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in Cryoport by 25.2% during the 4th quarter. Victory Capital Management Inc. now owns 42,716 shares of the company’s stock valued at $662,000 after purchasing an additional 8,600 shares in the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.

Cryoport Company Profile

Cryoport, Inc provides temperature-controlled supply chain solutions in biopharma/pharma, animal health, and human reproductive medicine markets in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Cryoport Express Shippers; Cryoport ELITE -80°C Gene Therapy Shipper; Cryoport ELITE Cryosphere Shipper; Cryoport consulting services, including physical, thermal, and shipping qualifications of shipping systems and/or packaging to developing custom packaging solutions; and Cryoport bioservices, such as controlled temperature storage, fulfilment, kit production, secondary packaging, labelling of therapeutic products, and GMP raw materials storage services.