CryoPort (NASDAQ:CYRX) Reaches New 52-Week High – Here’s Why

CryoPort, Inc. (NASDAQ:CYRX)’s stock price hit a new 52-week high during trading on Wednesday. The stock traded as high as $18.38 and last traded at $18.2880, with a volume of 155,751 shares traded. The stock had previously closed at $17.44.

Wall Street Analyst Weigh In

CYRX has been the subject of several research analyst reports. Roth Capital restated a “buy” rating and issued a $21.00 price objective on shares of CryoPort in a research note on Friday, August 7th. Needham & Company LLC lifted their target price on CryoPort from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Robert W. Baird set a $26.00 target price on CryoPort in a report on Tuesday, October 13th. Guggenheim upped their target price on CryoPort from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Finally, Piper Sandler upgraded CryoPort to a “buy” rating in a research note on Tuesday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, CryoPort has a consensus rating of “Moderate Buy” and an average price target of $19.33.

CryoPort Trading Down 3.8%

The business’s fifty day moving average price is $16.68 and its 200 day moving average price is $14.91. The firm has a market capitalization of $903.09 million, a price-to-earnings ratio of -19.81 and a beta of 1.96.

CryoPort (NASDAQ:CYRX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). CryoPort had a negative return on equity of 7.20% and a negative net margin of 20.05%. The business had revenue of $48.97 million for the quarter, compared to analyst estimates of $48.18 million. As a group, sell-side analysts forecast that CryoPort, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at CryoPort

In other news, CEO Jerrell Shelton sold 28,800 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $14.91, for a total transaction of $429,408.00. Following the completion of the sale, the chief executive officer owned 1,201,814 shares in the company, valued at approximately $17,919,046.74. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On CryoPort

Several institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue acquired a new stake in CryoPort during the 3rd quarter worth approximately $40,000. Highland Investment Advisors LLC purchased a new position in shares of CryoPort in the 2nd quarter valued at approximately $306,000. Counterpoint Mutual Funds LLC purchased a new position in shares of CryoPort in the 3rd quarter valued at approximately $324,000. State of Wyoming increased its holdings in shares of CryoPort by 9.4% in the first quarter. State of Wyoming now owns 42,520 shares of the company’s stock valued at $352,000 after purchasing an additional 3,638 shares during the period. Finally, Kerrisdale Advisers LLC acquired a new position in shares of CryoPort in the second quarter valued at approximately $355,000. Institutional investors and hedge funds own 92.90% of the company’s stock.

About CryoPort

CryoPort, Inc (NASDAQ: CYRX) provides temperature-controlled supply chain solutions for the life sciences industry. The company supports the transportation, storage and management of biological materials, including cell and gene therapies, vaccines, biologics, reproductive materials and other temperature-sensitive products.

Its offerings include cryogenic and refrigerated shipping containers, biological material storage, transportation logistics, shipment monitoring and related supply chain management services.