Cryoport (NASDAQ:CYRX) Shares Down 14.1% After Earnings Miss

Cryoport, Inc. (NASDAQ:CYRX)’s stock price dropped 14.1% 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 traded 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 analysts’ consensus estimates 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 business had revenue of $54.59 million during the quarter, compared to analysts’ expectations of $58.78 million. During the same period in the prior year, the firm earned ($0.16) EPS. Cryoport’s revenue for the quarter was down 13.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, 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 owns 634,352 shares in the company, valued at $9,705,585.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Jerrell Shelton sold 57,039 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $15.30, for a total transaction of $872,696.70. Following the completion of the transaction, the chief executive officer now owns 634,352 shares of the company’s stock, valued at $9,705,585.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ramkumar Mandalam sold 3,217 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $14.68, for a total transaction of $47,225.56. Following the completion of the sale, the director now owns 43,187 shares in the company, valued at approximately $633,985.16. The disclosure for this sale can be found here. Insiders have sold 73,940 shares of company stock worth $1,147,538 over the last 90 days. Company insiders own 10.10% of the company’s stock.

Institutional Trading of Cryoport

Institutional investors have recently modified their holdings of the company. Natixis Investment Managers International raised its position in Cryoport by 61.5% in the fourth quarter. Natixis Investment Managers International now owns 4,536 shares of the company’s stock worth $70,000 after acquiring an additional 1,727 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cryoport by 13.9% during 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 in the last quarter. WINTON GROUP Ltd acquired a new position in Cryoport in the third quarter worth approximately $163,000. Pathstone Family Office LLC acquired a new position in shares of Cryoport in the 3rd quarter worth $165,000. Finally, Quantbot Technologies LP raised its position in shares of Cryoport by 109.0% during the third quarter. Quantbot Technologies LP now owns 12,838 shares of the company’s stock worth $176,000 after purchasing an additional 6,694 shares during the period. Institutional investors and hedge funds own 92.90% of the company’s stock.

Cryoport Stock Performance

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 firm has a market capitalization of $697.09 million, a PE ratio of -6.67 and a beta of 1.60. The firm has a fifty day moving average price of $16.93 and a 200 day moving average price of $15.22.

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.