Cryoport (NASDAQ:CYRX) Shares Down 14.1% on Disappointing Earnings

Cryoport, Inc. (NASDAQ:CYRX)’s stock price traded down 14.1% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $13.76 and last traded at $14.08. 154,079 shares traded hands during trading, a decline of 65% from the average session volume of 439,819 shares. The stock had previously closed at $16.40.

The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.06). Cryoport had a negative return on equity of 11.86% and a negative net margin of 42.69%. The firm had revenue of $54.59 million during the quarter, compared to analysts’ expectations of $58.78 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The firm’s revenue was down 13.1% compared to the same quarter last year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. B. Riley downgraded Cryoport from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $22.00 to $19.00 in a report on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Cryoport in a report on Wednesday. Jefferies Financial Group assumed coverage on shares of Cryoport in a report on Thursday, April 4th. They set a “buy” rating and a $21.00 price objective on the stock. UBS Group upped their target price on shares of Cryoport from $14.50 to $17.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Finally, Stephens reiterated an “equal weight” rating and set a $17.00 price target on shares of Cryoport in a research note on Wednesday, March 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $18.25.

Insider Transactions at Cryoport

In other Cryoport news, CEO Jerrell Shelton sold 57,039 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $15.30, for a total transaction of $872,696.70. Following the sale, the chief executive officer now owns 634,352 shares in the company, valued at approximately $9,705,585.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cryoport news, Director Ramkumar Mandalam sold 3,217 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $14.68, for a total value of $47,225.56. Following the completion of the transaction, the director now directly owns 43,187 shares in the company, valued at approximately $633,985.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jerrell Shelton sold 57,039 shares of Cryoport stock in a transaction on Friday, March 15th. The shares were sold at an average price of $15.30, for a total value of $872,696.70. Following the completion of the sale, the chief executive officer now directly owns 634,352 shares of the company’s stock, valued at approximately $9,705,585.60. The disclosure for this sale can be found here. Insiders sold a total of 73,940 shares of company stock valued at $1,147,538 in the last ninety days. Corporate insiders own 10.10% of the company’s stock.

Institutional Trading of Cryoport

A number of hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB acquired a new stake in shares of Cryoport in the third quarter worth approximately $1,153,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Cryoport by 285.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 77,409 shares of the company’s stock worth $1,061,000 after acquiring an additional 57,348 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Cryoport during the third quarter worth approximately $3,250,000. Massachusetts Financial Services Co. MA raised its stake in shares of Cryoport by 28.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,356,500 shares of the company’s stock valued at $18,598,000 after acquiring an additional 298,995 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Cryoport by 17.9% during the 3rd quarter. Invesco Ltd. now owns 2,062,481 shares of the company’s stock valued at $28,277,000 after acquiring an additional 313,853 shares in the last quarter. 92.90% of the stock is owned by institutional investors and hedge funds.

Cryoport Trading Down 19.5 %

The firm has a fifty day moving average of $16.87 and a 200-day moving average of $15.20. The company has a debt-to-equity ratio of 0.82, a quick ratio of 11.16 and a current ratio of 11.73. The stock has a market capitalization of $648.96 million, a price-to-earnings ratio of -6.00 and a beta of 1.60.

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.