Needham & Company LLC Reaffirms “Buy” Rating for Cryoport (NASDAQ:CYRX)

Cryoport (NASDAQ:CYRX)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $11.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 63.71% from the company’s current price.

Several other equities research analysts have also commented on the stock. Guggenheim initiated coverage on shares of Cryoport in a research report on Thursday, December 19th. They issued a “buy” rating and a $11.00 price objective on the stock. UBS Group raised shares of Cryoport from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.67.

Cryoport Price Performance

Shares of NASDAQ:CYRX traded up $0.63 on Monday, reaching $6.72. 499,223 shares of the company were exchanged, compared to its average volume of 534,542. The company has a current ratio of 5.70, a quick ratio of 5.32 and a debt-to-equity ratio of 0.48. Cryoport has a 1-year low of $4.58 and a 1-year high of $20.11. The company has a 50-day moving average of $6.68 and a 200-day moving average of $7.31. The firm has a market cap of $335.35 million, a price-to-earnings ratio of -1.97 and a beta of 1.67.

Cryoport (NASDAQ:CYRX) last issued its earnings results on Tuesday, March 4th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.09). The company had revenue of $59.53 million during the quarter, compared to analysts’ expectations of $58.71 million. Cryoport had a negative net margin of 70.08% and a negative return on equity of 13.35%. During the same period last year, the business posted ($0.29) earnings per share. Equities analysts forecast that Cryoport will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Cryoport

In other Cryoport news, CEO Jerrell Shelton sold 4,620 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $6.29, for a total transaction of $29,059.80. Following the transaction, the chief executive officer now owns 765,399 shares of the company’s stock, valued at $4,814,359.71. This represents a 0.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders have sold 19,830 shares of company stock worth $118,353. Corporate insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On Cryoport

Several institutional investors have recently added to or reduced their stakes in CYRX. Point72 Asia Singapore Pte. Ltd. grew its holdings in Cryoport by 148.7% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,546 shares of the company’s stock valued at $28,000 after buying an additional 2,120 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Cryoport during the fourth quarter valued at approximately $51,000. Avanza Fonder AB acquired a new position in Cryoport in the 4th quarter worth $64,000. Quarry LP purchased a new position in Cryoport in the 4th quarter valued at about $69,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Cryoport during the third quarter valued at about $82,000. 92.90% of the stock is currently owned by institutional investors and hedge funds.

About Cryoport

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.