Needham & Company LLC Boosts CryoPort, Inc. (CYRX) Price Target to $8.50

CryoPort, Inc. (NASDAQ:CYRX) had its price objective hoisted by research analysts at Needham & Company LLC from $6.00 to $8.50 in a report released on Wednesday, July 26th, MarketBeat.com reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 17.73% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Janney Montgomery Scott initiated coverage on shares of CryoPort in a research report on Wednesday, July 12th. They issued a “buy” rating and a $8.00 target price for the company. ValuEngine upgraded shares of CryoPort from a “sell” rating to a “hold” rating in a research note on Thursday, May 11th. Finally, Cowen and Company assumed coverage on shares of CryoPort in a research note on Friday, June 16th. They issued an “outperform” rating and a $5.50 price target for the company.

Shares of CryoPort (NASDAQ:CYRX) opened at 7.22 on Wednesday. CryoPort has a 1-year low of $1.80 and a 1-year high of $7.40. The firm has a 50-day moving average of $5.83 and a 200 day moving average of $3.86. The company’s market capitalization is $173.03 million.

CryoPort (NASDAQ:CYRX) last posted its earnings results on Tuesday, August 8th. The company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. CryoPort had a negative net margin of 102.89% and a negative return on equity of 67.75%. The firm had revenue of $2.92 million during the quarter, compared to analysts’ expectations of $2.84 million. On average, equities research analysts expect that CryoPort will post ($0.72) earnings per share for the current year.

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A number of hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp raised its stake in CryoPort by 105.0% in the second quarter. Northern Trust Corp now owns 22,179 shares of the company’s stock worth $109,000 after buying an additional 11,358 shares in the last quarter. BerganKDV Wealth Management LLC raised its stake in shares of CryoPort by 157.5% in the second quarter. BerganKDV Wealth Management LLC now owns 25,750 shares of the company’s stock worth $127,000 after buying an additional 15,750 shares in the last quarter. EAM Investors LLC bought a new stake in shares of CryoPort during the second quarter worth approximately $552,000. D.A. Davidson & CO. raised its stake in shares of CryoPort by 16.6% in the second quarter. D.A. Davidson & CO. now owns 137,000 shares of the company’s stock worth $674,000 after buying an additional 19,500 shares in the last quarter. Finally, Taylor Wealth Management Partners bought a new stake in shares of CryoPort during the second quarter worth approximately $1,851,000. Institutional investors and hedge funds own 10.57% of the company’s stock.

CryoPort Company Profile

Cryoport, Inc (Cryoport) is a provider of cryogenic logistics solutions to the life sciences industry through its purpose-built packaging, information technology and specialized cold chain logistics expertise. The Company provides logistics solutions for biologic materials, such as immunotherapies, stem cells, chimeric antigen receptors (CAR)-T cells, and reproductive cells for clients.

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