Needham & Company LLC Issues Positive Forecast for CryoPort (NASDAQ:CYRX) Stock Price

Key Points

• Needham raised CryoPort’s price target from $15 to $19 and maintained a “buy” rating, implying roughly 29% upside from the $14.71 share price. Analysts’ consensus is “Moderate Buy,” with an average target of $17.
• CryoPort’s latest quarterly revenue of $48.97 million exceeded expectations, but its loss of $0.20 per share was slightly worse than the anticipated $0.19 loss.
• Insiders sold heavily, disposing of 227,641 shares worth approximately $3.62 million in the past quarter, while institutional investors own 92.9% of the company.

CryoPort (NASDAQ:CYRX - Get Free Report) had its target price raised by analysts at Needham & Company LLC from $15.00 to $19.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 29.16% from the company's current price.

CYRX has been the topic of a number of other reports. BTIG Research upped their target price on CryoPort from $17.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Weiss Ratings reiterated a "hold (c-)" rating on shares of CryoPort in a report on Monday. Craig Hallum boosted their price target on CryoPort from $15.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Roth Capital restated a "buy" rating on shares of CryoPort in a report on Friday. Finally, Guggenheim raised their price target on CryoPort from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.00.

CryoPort Stock Down 3.5%

CYRX stock opened at $14.71 on Friday. The firm has a market cap of $741.38 million, a price-to-earnings ratio of 10.90 and a beta of 1.89. The company's fifty day simple moving average is $15.50 and its 200 day simple moving average is $11.89. CryoPort has a 12-month low of $7.51 and a 12-month high of $16.89.

CryoPort (NASDAQ:CYRX - Get Free Report) last issued 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). The company had revenue of $48.97 million for the quarter, compared to the consensus estimate of $48.18 million. CryoPort had a negative return on equity of 7.92% and a net margin of 41.57%. Research analysts expect that CryoPort will post -0.85 earnings per share for the current year.

Insider Transactions at CryoPort

In other news, Director Ramkumar Mandalam sold 23,214 shares of CryoPort stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $15.44, for a total value of $358,424.16. Following the completion of the transaction, the director owned 67,894 shares of the company's stock, valued at $1,048,283.36. The trade was a 25.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward J. Zecchini sold 33,600 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $14.47, for a total transaction of $486,192.00. Following the sale, the insider directly owned 109,719 shares in the company, valued at $1,587,633.93. This trade represents a 23.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 227,641 shares of company stock valued at $3,622,515 in the last quarter. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On CryoPort

Several institutional investors and hedge funds have recently made changes to their positions in CYRX. LPL Financial LLC lifted its stake in shares of CryoPort by 6.6% during the 4th quarter. LPL Financial LLC now owns 23,306 shares of the company's stock worth $224,000 after acquiring an additional 1,433 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in CryoPort by 9.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,178 shares of the company's stock worth $136,000 after buying an additional 1,557 shares during the last quarter. State of Wyoming boosted its stake in CryoPort by 30.2% in the 2nd quarter. State of Wyoming now owns 14,218 shares of the company's stock worth $106,000 after purchasing an additional 3,301 shares in the last quarter. Basepoint Wealth LLC purchased a new position in CryoPort in the 4th quarter worth $34,000. Finally, BNP Paribas Financial Markets raised its position in CryoPort by 55.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,880 shares of the company's stock worth $113,000 after buying an additional 4,225 shares during the last quarter. Institutional investors own 92.90% of the company's stock.

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.

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