Cryoport, Inc. (NASDAQ:CYRX) Sees Significant Drop in Short Interest

by · The Markets Daily

Cryoport, Inc. (NASDAQ:CYRX – Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 2,630,000 shares, a decline of 9.6% from the September 15th total of 2,910,000 shares. Currently, 5.5% of the shares of the stock are sold short. Based on an average trading volume of 678,800 shares, the short-interest ratio is currently 3.9 days.

Cryoport Trading Down 1.8 %

Shares of Cryoport stock traded down $0.13 during mid-day trading on Thursday, hitting $7.13. The stock had a trading volume of 190,286 shares, compared to its average volume of 585,332. The firm has a 50-day moving average of $8.20 and a two-hundred day moving average of $10.45. The firm has a market cap of $351.20 million, a P/E ratio of -2.89 and a beta of 1.60. The company has a quick ratio of 7.99, a current ratio of 8.38 and a debt-to-equity ratio of 0.97. Cryoport has a 12-month low of $5.32 and a 12-month high of $20.10.

Cryoport (NASDAQ:CYRX – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($1.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($1.25). Cryoport had a negative net margin of 76.48% and a negative return on equity of 15.55%. The business had revenue of $57.60 million during the quarter, compared to analyst estimates of $57.65 million. During the same quarter in the prior year, the company posted ($0.42) earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. Sell-side analysts forecast that Cryoport will post -1.63 earnings per share for the current year.

Cryoport declared that its board has approved a share buyback plan on Tuesday, August 6th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 49.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Cryoport

In related news, Director Ramkumar Mandalam sold 4,167 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $8.04, for a total value of $33,502.68. Following the completion of the transaction, the director now directly owns 56,032 shares of the company’s stock, valued at approximately $450,497.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 7,167 shares of company stock valued at $60,363 over the last ninety days. Insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Comerica Bank lifted its holdings in shares of Cryoport by 73.0% in the 1st quarter. Comerica Bank now owns 3,481 shares of the company’s stock worth $62,000 after acquiring an additional 1,469 shares during the last quarter. Lazard Asset Management LLC raised its position in Cryoport by 294.3% in the first quarter. Lazard Asset Management LLC now owns 5,378 shares of the company’s stock valued at $95,000 after purchasing an additional 4,014 shares during the period. Quest Partners LLC lifted its stake in Cryoport by 1,083,000.0% during the second quarter. Quest Partners LLC now owns 10,831 shares of the company’s stock worth $75,000 after purchasing an additional 10,830 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Cryoport during the second quarter worth $92,000. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Cryoport by 27.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 15,638 shares of the company’s stock valued at $277,000 after buying an additional 3,400 shares in the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on CYRX shares. Needham & Company LLC cut their price objective on shares of Cryoport from $18.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. B. Riley upgraded Cryoport from a “neutral” rating to a “buy” rating and dropped their price target for the company from $19.00 to $15.00 in a research report on Wednesday, July 31st. UBS Group cut their price target on Cryoport from $17.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Jefferies Financial Group lowered Cryoport from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $20.00 to $8.00 in a research note on Wednesday, August 7th. Three 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, Cryoport presently has a consensus rating of “Hold” and a consensus target price of $11.60.

Read Our Latest Stock Analysis on CYRX

About Cryoport

(Get Free Report)

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.

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