Cryoport (NASDAQ:CYRX) Receives Buy Rating from Needham & Company LLC

Cryoport (NASDAQ:CYRX)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued on Friday,Benzinga reports. They currently have a $11.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 47.63% from the company’s current price.

Several other equities research analysts have also issued reports on CYRX. UBS Group lifted their price target on Cryoport from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Guggenheim assumed coverage on shares of Cryoport in a report on Thursday, December 19th. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Roth Mkm reduced their target price on shares of Cryoport from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Cryoport has an average rating of “Moderate Buy” and a consensus target price of $12.29.

Cryoport Price Performance

Shares of Cryoport stock traded down $0.04 on Friday, hitting $7.45. 53,761 shares of the company traded hands, compared to its average volume of 282,323. Cryoport has a 12-month low of $5.32 and a 12-month high of $20.10. The firm’s 50-day simple moving average is $7.69 and its 200 day simple moving average is $7.85. The company has a market cap of $368.30 million, a P/E ratio of -2.21 and a beta of 1.58. The company has a current ratio of 5.70, a quick ratio of 5.32 and a debt-to-equity ratio of 0.48.

Insider Activity

In other Cryoport news, Director Ramkumar Mandalam sold 7,369 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $7.46, for a total value of $54,972.74. Following the completion of the sale, the director now owns 59,497 shares in the company, valued at approximately $443,847.62. This trade represents a 11.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jerrell Shelton sold 50,000 shares of Cryoport stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $6.51, for a total value of $325,500.00. Following the completion of the sale, the chief executive officer now owns 731,897 shares in the company, valued at approximately $4,764,649.47. This represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,869 shares of company stock valued at $735,673. 10.10% of the stock is currently owned by company insiders.

Institutional Trading of Cryoport

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thematics Asset Management grew its holdings in shares of Cryoport by 176.2% during the 3rd quarter. Thematics Asset Management now owns 1,705,000 shares of the company’s stock worth $13,828,000 after acquiring an additional 1,087,800 shares during the period. Fred Alger Management LLC boosted its position in shares of Cryoport by 49.9% during the third quarter. Fred Alger Management LLC now owns 2,698,768 shares of the company’s stock valued at $21,887,000 after purchasing an additional 898,481 shares in the last quarter. AXA S.A. grew its stake in Cryoport by 274.2% in the second quarter. AXA S.A. now owns 873,217 shares of the company’s stock worth $6,034,000 after purchasing an additional 639,855 shares during the period. Point72 Asset Management L.P. bought a new position in Cryoport in the third quarter worth $3,405,000. Finally, JPMorgan Chase & Co. lifted its position in Cryoport by 1,464.4% during the third quarter. JPMorgan Chase & Co. now owns 305,237 shares of the company’s stock valued at $2,475,000 after buying an additional 285,726 shares during the period. Hedge funds and other institutional investors own 92.90% of the company’s stock.

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.