Needham & Company LLC Forecasts Strong Price Appreciation for CryoPort (NASDAQ:CYRX) Stock

CryoPort (NASDAQ:CYRX) had its price objective increased by investment analysts at Needham & Company LLC from $15.00 to $19.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 29.16% from the stock’s current price.

A number of other equities analysts also recently issued reports on CYRX. Guggenheim increased their price target on CryoPort from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. BTIG Research upped their price objective on shares of CryoPort from $17.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Roth Capital reiterated a “buy” rating on shares of CryoPort in a research report on Friday. Wall Street Zen raised shares of CryoPort from a “sell” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of CryoPort in a research note on Monday. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, CryoPort currently has an average rating of “Moderate Buy” and an average target price of $17.00.

CryoPort Stock Performance

CYRX stock opened at $14.71 on Friday. CryoPort has a one year low of $7.51 and a one year high of $16.89. The firm’s fifty day moving average is $15.50 and its 200 day moving average is $11.89. The firm has a market cap of $741.38 million, a PE ratio of 10.90 and a beta of 1.89.

CryoPort (NASDAQ:CYRX) last posted its earnings results on Thursday, August 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). CryoPort had a negative return on equity of 7.92% and a net margin of 41.57%.The firm had revenue of $48.97 million for the quarter, compared to analysts’ expectations of $48.18 million. Research analysts predict that CryoPort will post -0.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Robert Stefanovich sold 169,427 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $16.27, for a total transaction of $2,756,577.29. Following the completion of the sale, the chief financial officer owned 109,850 shares of the company’s stock, valued at approximately $1,787,259.50. This represents a 60.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ramkumar Mandalam sold 23,214 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $15.44, for a total transaction of $358,424.16. Following the completion of the transaction, the director directly owned 67,894 shares in the company, valued at $1,048,283.36. This trade represents a 25.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 227,641 shares of company stock worth $3,622,515. 9.50% of the stock is owned by insiders.

Hedge Funds Weigh In On CryoPort

Institutional investors and hedge funds have recently bought and sold shares of the company. UBS Group AG increased its stake in CryoPort by 6.8% during the 4th quarter. UBS Group AG now owns 1,421,884 shares of the company’s stock worth $13,650,000 after buying an additional 90,363 shares during the period. Granahan Investment Management LLC boosted its holdings in CryoPort by 475.0% in the first quarter. Granahan Investment Management LLC now owns 231,138 shares of the company’s stock valued at $1,914,000 after purchasing an additional 190,938 shares during the period. Meros Investment Management LP increased its holdings in CryoPort by 13.9% during the 4th quarter. Meros Investment Management LP now owns 626,427 shares of the company’s stock worth $6,014,000 after purchasing an additional 76,687 shares during the period. Penbrook Management LLC boosted its stake in shares of CryoPort by 251.6% in the 1st quarter. Penbrook Management LLC now owns 185,775 shares of the company’s stock valued at $1,538,000 after buying an additional 132,940 shares during the period. Finally, Empire Financial Management Company LLC increased its stake in shares of CryoPort by 24.4% during the first quarter. Empire Financial Management Company LLC now owns 502,575 shares of the company’s stock worth $4,161,000 after buying an additional 98,714 shares during the period. 92.90% of the stock is currently owned by institutional investors and hedge funds.

About CryoPort

CryoPort, Inc (NASDAQ: CYRX) is a global provider of temperature-controlled logistics solutions for the life sciences industry. The company specializes in cryogenic shipping for critical biological materials, supporting the development, clinical testing and commercialization of cell and gene therapies, biologics, vaccines and reproductive medicine. By offering end-to-end supply chain management, CryoPort helps ensure the integrity and viability of temperature-sensitive products from point of origin to destination.

CryoPort’s product portfolio includes proprietary cryogenic dry shippers, advanced active and passive thermal packaging, and real-time data monitoring platforms.