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

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

CYRX has been the topic of a number of other reports. Guggenheim assumed coverage on shares of Cryoport in a research note on Thursday, December 19th. They issued a “buy” rating and a $11.00 target price on the stock. Roth Mkm lowered their price target 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. Finally, UBS Group increased their price objective on Cryoport from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Cryoport has a consensus rating of “Moderate Buy” and an average price target of $12.29.

Cryoport Stock Performance

Shares of NASDAQ:CYRX traded down $0.04 during midday trading on Friday, reaching $7.45. The company had a trading volume of 53,761 shares, compared to its average volume of 282,323. The stock has a market cap of $368.30 million, a P/E ratio of -2.21 and a beta of 1.58. The company’s 50 day moving average price is $7.69 and its 200 day moving average price is $7.85. 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 52-week low of $5.32 and a 52-week high of $20.10.

Insider Buying and Selling

In related news, Director Ramkumar Mandalam sold 7,369 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $7.46, for a total transaction of $54,972.74. Following the sale, the director now owns 59,497 shares of the company’s stock, valued at approximately $443,847.62. This represents a 11.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jerrell Shelton sold 50,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 731,897 shares of the company’s stock, valued at approximately $4,764,649.47. This represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,869 shares of company stock valued at $735,673. Company insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On Cryoport

Several hedge funds have recently bought and sold shares of CYRX. The Manufacturers Life Insurance Company boosted its holdings in Cryoport by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,683 shares of the company’s stock valued at $122,000 after purchasing an additional 1,534 shares during the period. Rhumbline Advisers raised its position in shares of Cryoport by 3.4% in the second quarter. Rhumbline Advisers now owns 64,158 shares of the company’s stock worth $443,000 after buying an additional 2,086 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cryoport by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 387,714 shares of the company’s stock valued at $3,144,000 after buying an additional 2,226 shares during the period. Avanza Fonder AB purchased a new position in Cryoport during the fourth quarter worth about $64,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Cryoport during the third quarter worth about $82,000. 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.