Needham Investment Management LLC Sells 52,500 Shares of Cryoport, Inc. (NASDAQ:CYRX)

Needham Investment Management LLC lessened its holdings in Cryoport, Inc. (NASDAQ:CYRX) by 19.4% during the third quarter, HoldingsChannel reports. The fund owned 217,500 shares of the company’s stock after selling 52,500 shares during the quarter. Needham Investment Management LLC’s holdings in Cryoport were worth $1,764,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CYRX. Price T Rowe Associates Inc. MD raised its stake in shares of Cryoport by 3.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 48,522 shares of the company’s stock worth $859,000 after purchasing an additional 1,438 shares during the last quarter. Comerica Bank grew its holdings in Cryoport by 73.0% during the first quarter. Comerica Bank now owns 3,481 shares of the company’s stock worth $62,000 after buying an additional 1,469 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Cryoport by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,683 shares of the company’s stock valued at $122,000 after buying an additional 1,534 shares during the last quarter. Rhumbline Advisers lifted its stake in Cryoport by 3.4% during the 2nd quarter. Rhumbline Advisers now owns 64,158 shares of the company’s stock valued at $443,000 after acquiring an additional 2,086 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cryoport by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 387,714 shares of the company’s stock worth $3,144,000 after acquiring an additional 2,226 shares during the last quarter. Institutional investors own 92.90% of the company’s stock.

Insider Activity at Cryoport

In related news, CEO Jerrell Shelton sold 50,000 shares of Cryoport stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $6.51, for a total value of $325,500.00. Following the completion of the sale, the chief executive officer now owns 731,897 shares of the company’s stock, valued at approximately $4,764,649.47. This trade represents a 6.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 102,500 shares of company stock worth $680,700. Insiders own 10.10% of the company’s stock.

Cryoport Stock Down 4.4 %

Cryoport stock opened at $7.44 on Wednesday. The firm has a 50 day moving average price of $7.35 and a 200-day moving average price of $8.27. The company has a quick ratio of 5.32, a current ratio of 5.70 and a debt-to-equity ratio of 0.48. Cryoport, Inc. has a twelve month low of $5.32 and a twelve month high of $20.10. The company has a market capitalization of $367.77 million, a P/E ratio of -2.20 and a beta of 1.62.

Cryoport declared that its board has authorized a stock repurchase program on Tuesday, August 6th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy up to 49.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently weighed in on CYRX shares. Roth Mkm dropped their price target on shares of Cryoport from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. UBS Group upped their target price on Cryoport from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Jefferies Financial Group downgraded Cryoport from a “buy” rating to a “hold” rating and decreased their price target for the company from $20.00 to $8.00 in a research report on Wednesday, August 7th. Finally, Needham & Company LLC cut their price objective on Cryoport from $18.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

About Cryoport

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.