UBS Group Increases Cryoport (NASDAQ:CYRX) Price Target to $9.00

Cryoport (NASDAQ:CYRX) had its price target increased by UBS Group from $7.00 to $9.00 in a research report sent to investors on Friday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the company. B. Riley raised Cryoport from a “neutral” rating to a “buy” rating and decreased their target price for the company from $19.00 to $15.00 in a research note on Wednesday, July 31st. Needham & Company LLC reduced their price objective on Cryoport from $18.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group downgraded Cryoport from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $20.00 to $8.00 in a research note on Wednesday, August 7th. Three investment 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 stock currently has a consensus rating of “Hold” and an average price target of $12.00.

Cryoport Stock Down 4.0 %

Shares of CYRX opened at $7.25 on Friday. The business’s 50 day moving average is $8.18 and its 200 day moving average is $10.19. The company has a market capitalization of $357.11 million, a PE ratio of -2.94 and a beta of 1.60. Cryoport has a 12-month low of $5.32 and a 12-month high of $20.10. The company has a current ratio of 8.38, a quick ratio of 7.99 and a debt-to-equity ratio of 0.97.

Cryoport (NASDAQ:CYRX) last issued its earnings results on Tuesday, August 6th. The company reported ($1.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($1.25). The business had revenue of $57.60 million for the quarter, compared to the consensus estimate of $57.65 million. Cryoport had a negative net margin of 76.48% and a negative return on equity of 15.55%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the business posted ($0.42) EPS. Research analysts expect that Cryoport will post -1.63 earnings per share for the current fiscal year.

Cryoport announced that its board has initiated a share buyback program on Tuesday, August 6th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 49.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Ramkumar Mandalam sold 4,167 shares of Cryoport stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $8.04, for a total value of $33,502.68. Following the completion of the transaction, the director now owns 56,032 shares in the company, valued at approximately $450,497.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 7,167 shares of company stock valued at $60,363 in the last quarter. 10.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cryoport

Large investors have recently modified their holdings of the stock. AXA S.A. increased its position in shares of Cryoport by 274.2% during the 2nd quarter. AXA S.A. now owns 873,217 shares of the company’s stock valued at $6,034,000 after purchasing an additional 639,855 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Cryoport during the 1st quarter valued at approximately $2,905,000. BNP Paribas Financial Markets increased its position in shares of Cryoport by 155.9% during the 1st quarter. BNP Paribas Financial Markets now owns 82,653 shares of the company’s stock valued at $1,463,000 after purchasing an additional 50,355 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of Cryoport during the 2nd quarter valued at approximately $774,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Cryoport by 52.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,477,693 shares of the company’s stock valued at $10,211,000 after purchasing an additional 511,064 shares during the last quarter. Institutional investors own 92.90% of the company’s stock.

About Cryoport

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.