Cryoport (NASDAQ:CYRX) Shares Down 14.1% Following Weak Earnings

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

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director Ramkumar Mandalam sold 3,217 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $14.68, for a total transaction of $47,225.56. Following the transaction, the director now owns 43,187 shares in the company, valued at $633,985.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Jerrell Shelton sold 2,631 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $17.54, for a total value of $46,147.74. Following the transaction, the chief executive officer now owns 692,182 shares of the company’s stock, valued at approximately $12,140,872.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ramkumar Mandalam sold 3,217 shares of Cryoport stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $14.68, for a total value of $47,225.56. Following the transaction, the director now owns 43,187 shares of the company’s stock, valued at approximately $633,985.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,940 shares of company stock worth $1,147,538. 10.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cryoport

Hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cryoport by 13.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,462 shares of the company’s stock worth $157,000 after buying an additional 1,395 shares during the last quarter. Skylands Capital LLC increased its holdings in Cryoport by 23.7% in the 3rd quarter. Skylands Capital LLC now owns 84,950 shares of the company’s stock worth $1,165,000 after acquiring an additional 16,300 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Cryoport in the 3rd quarter valued at about $3,250,000. Quantbot Technologies LP lifted its holdings in Cryoport by 109.0% during the third quarter. Quantbot Technologies LP now owns 12,838 shares of the company’s stock valued at $176,000 after purchasing an additional 6,694 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Cryoport by 28.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,356,500 shares of the company’s stock worth $18,598,000 after purchasing an additional 298,995 shares during the period. Hedge funds and other institutional investors own 92.90% of the company’s stock.

Cryoport Price Performance

The firm’s 50 day moving average price is $16.87 and its two-hundred day moving average price is $15.20. The company has a debt-to-equity ratio of 0.82, a current ratio of 11.73 and a quick ratio of 11.16. The stock has a market cap of $648.96 million, a PE 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.