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

CryoPort (NASDAQ:CYRX) had its target price boosted by equities researchers at Needham & Company LLC from $12.00 to $13.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 53.12% from the company’s previous close.

CYRX has been the subject of several other reports. UBS Group increased their price target on CryoPort from $11.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CryoPort in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.94.

CryoPort Price Performance

CYRX stock opened at $8.49 on Wednesday. The business has a 50 day moving average price of $9.51 and a 200 day moving average price of $9.41. The stock has a market cap of $425.09 million, a price-to-earnings ratio of 7.26 and a beta of 1.69. CryoPort has a fifty-two week low of $4.58 and a fifty-two week high of $11.45. The company has a quick ratio of 15.01, a current ratio of 15.77 and a debt-to-equity ratio of 0.40.

CryoPort (NASDAQ:CYRX) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.08). CryoPort had a negative return on equity of 11.07% and a net margin of 35.57%.The company had revenue of $45.45 million for the quarter, compared to analyst estimates of $42.92 million. Equities research analysts anticipate that CryoPort will post -0.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ramkumar Mandalam sold 11,570 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $9.99, for a total transaction of $115,584.30. Following the completion of the sale, the director directly owned 80,758 shares of the company’s stock, valued at approximately $806,772.42. This trade represents a 12.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CryoPort

A number of hedge funds and other institutional investors have recently bought and sold shares of CYRX. LPL Financial LLC grew its holdings in CryoPort by 6.6% during the fourth quarter. LPL Financial LLC now owns 23,306 shares of the company’s stock valued at $224,000 after purchasing an additional 1,433 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of CryoPort by 9.4% in the second quarter. The Manufacturers Life Insurance Company now owns 18,178 shares of the company’s stock valued at $136,000 after buying an additional 1,557 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of CryoPort by 299.9% in the second quarter. Nisa Investment Advisors LLC now owns 3,639 shares of the company’s stock valued at $27,000 after buying an additional 2,729 shares during the period. State of Wyoming increased its stake in CryoPort by 30.2% during the second quarter. State of Wyoming now owns 14,218 shares of the company’s stock valued at $106,000 after acquiring an additional 3,301 shares during the period. Finally, Intech Investment Management LLC increased its stake in CryoPort by 14.6% during the second quarter. Intech Investment Management LLC now owns 25,951 shares of the company’s stock valued at $194,000 after acquiring an additional 3,305 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.