Cryoport (NASDAQ:CYRX) Shares Down 14.1% Following Weak Earnings

Cryoport, Inc. (NASDAQ:CYRX)’s stock price dropped 14.1% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $13.76 and last traded at $14.08. Approximately 154,079 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 439,819 shares. The stock had previously closed at $16.40.

The company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.06). The company had revenue of $54.59 million for the quarter, compared to analyst estimates of $58.78 million. Cryoport had a negative net margin of 42.69% and a negative return on equity of 11.86%. The firm’s revenue for the quarter was down 13.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.16) earnings per share.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Cryoport in a research note on Thursday, April 4th. They set a “buy” rating and a $21.00 price target on the stock. Stephens reaffirmed an “equal weight” rating and set a $17.00 price target on shares of Cryoport in a research note on Wednesday, March 13th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Cryoport in a research report on Wednesday. B. Riley downgraded shares of Cryoport from a “buy” rating to a “neutral” rating and cut their target price for the company from $22.00 to $19.00 in a research report on Friday, May 3rd. Finally, UBS Group lifted their price target on shares of Cryoport from $14.50 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.25.

Insider Buying and Selling at Cryoport

In other news, Director Ramkumar Mandalam sold 3,217 shares of Cryoport stock in a transaction on Friday, March 15th. The shares were sold at an average price of $14.68, for a total transaction of $47,225.56. Following the transaction, the director now directly owns 43,187 shares of the company’s stock, valued at $633,985.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cryoport news, CEO Jerrell Shelton sold 57,039 shares of Cryoport stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $15.30, for a total value of $872,696.70. Following the transaction, the chief executive officer now owns 634,352 shares of the company’s stock, valued at $9,705,585.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ramkumar Mandalam sold 3,217 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $14.68, for a total transaction of $47,225.56. Following the completion of the transaction, the director now owns 43,187 shares of the company’s stock, valued at approximately $633,985.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,940 shares of company stock valued at $1,147,538. Corporate insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On Cryoport

Several institutional investors have recently added to or reduced their stakes in CYRX. Natixis Investment Managers International increased its holdings in Cryoport by 61.5% during the 4th quarter. Natixis Investment Managers International now owns 4,536 shares of the company’s stock worth $70,000 after purchasing an additional 1,727 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cryoport by 13.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,462 shares of the company’s stock valued at $157,000 after buying an additional 1,395 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Cryoport in the 3rd quarter valued at approximately $163,000. Pathstone Family Office LLC acquired a new position in Cryoport during the 3rd quarter worth approximately $165,000. Finally, Quantbot Technologies LP grew its stake in shares of Cryoport by 109.0% during the 3rd quarter. Quantbot Technologies LP now owns 12,838 shares of the company’s stock worth $176,000 after acquiring an additional 6,694 shares in the last quarter. 92.90% of the stock is owned by institutional investors.

Cryoport Stock Up 2.0 %

The stock’s fifty day moving average price is $16.78 and its 200-day moving average price is $15.19. The company has a quick ratio of 11.16, a current ratio of 11.73 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $661.75 million, a price-to-earnings ratio of -6.12 and a beta of 1.60.

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.