Cryoport (NASDAQ:CYRX) Lifted to “Buy” at B. Riley

B. Riley upgraded shares of Cryoport (NASDAQ:CYRX) from a neutral rating to a buy rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm currently has $15.00 target price on the stock, down from their prior target price of $19.00. B. Riley also issued estimates for Cryoport’s Q2 2024 earnings at ($0.39) EPS, Q3 2024 earnings at ($0.37) EPS, Q4 2024 earnings at ($0.36) EPS and FY2024 earnings at ($1.54) EPS.

Several other brokerages also recently weighed in on CYRX. Needham & Company LLC reaffirmed a buy rating and set a $18.00 price target on shares of Cryoport in a report on Wednesday, May 8th. Jefferies Financial Group started coverage on Cryoport in a report on Thursday, April 4th. They set a buy rating and a $21.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $18.86.

Cryoport Stock Performance

Shares of Cryoport stock opened at $8.12 on Wednesday. The firm has a market capitalization of $399.99 million, a P/E ratio of -3.29 and a beta of 1.58. Cryoport has a 52 week low of $5.32 and a 52 week high of $20.10. The company has a quick ratio of 10.22, a current ratio of 10.73 and a debt-to-equity ratio of 0.86. The firm’s 50 day moving average is $8.75 and its two-hundred day moving average is $13.37.

Cryoport (NASDAQ:CYRX) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.06). The company had revenue of $54.59 million during the quarter, compared to analysts’ expectations of $58.78 million. Cryoport had a negative net margin of 50.17% and a negative return on equity of 15.19%. The business’s revenue for the quarter was down 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. Research analysts forecast that Cryoport will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Cryoport news, Director Richard J. Berman sold 8,105 shares of Cryoport stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $13.41, for a total transaction of $108,688.05. Following the sale, the director now directly owns 100,000 shares in the company, valued at approximately $1,341,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Richard J. Berman sold 8,105 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $13.41, for a total value of $108,688.05. Following the completion of the sale, the director now directly owns 100,000 shares in the company, valued at approximately $1,341,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward J. Zecchini sold 3,443 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $13.37, for a total value of $46,032.91. Following the completion of the sale, the insider now owns 60,051 shares of the company’s stock, valued at $802,881.87. The disclosure for this sale can be found here. 10.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Cadian Capital Management LP boosted its position in Cryoport by 30.4% during the 4th quarter. Cadian Capital Management LP now owns 3,464,079 shares of the company’s stock worth $53,659,000 after acquiring an additional 807,340 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Cryoport by 46.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,992,895 shares of the company’s stock worth $30,870,000 after acquiring an additional 636,395 shares during the period. Assenagon Asset Management S.A. boosted its position in Cryoport by 52.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,477,693 shares of the company’s stock worth $10,211,000 after acquiring an additional 511,064 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Cryoport during the 1st quarter worth $7,800,000. Finally, New York State Common Retirement Fund boosted its position in Cryoport by 29.9% during the 4th quarter. New York State Common Retirement Fund now owns 1,642,752 shares of the company’s stock worth $25,446,000 after acquiring an additional 378,340 shares during the period. 92.90% of the stock is currently owned by institutional investors.

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.