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

Cryoport, Inc. (NASDAQ:CYRX) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 2,700,000 shares, a decline of 7.2% from the October 31st total of 2,910,000 shares. Approximately 5.7% of the shares of the stock are short sold. Based on an average daily volume of 441,300 shares, the days-to-cover ratio is presently 6.1 days.

Cryoport Trading Up 9.9 %

NASDAQ CYRX traded up $0.70 on Monday, hitting $7.78. The company’s stock had a trading volume of 466,286 shares, compared to its average volume of 567,566. The company’s 50-day moving average is $7.36 and its 200 day moving average is $8.35. The firm has a market cap of $384.57 million, a PE ratio of -2.30 and a beta of 1.63. Cryoport has a 1-year low of $5.32 and a 1-year high of $20.10. 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 announced that its board has authorized a share buyback plan on Tuesday, August 6th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 49.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

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

Insider Activity at Cryoport

In other news, CEO Jerrell Shelton sold 50,000 shares of Cryoport stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $6.51, for a total value of $325,500.00. Following the transaction, the chief executive officer now owns 731,897 shares in the company, valued at approximately $4,764,649.47. This trade represents a 6.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 102,500 shares of company stock valued at $680,700 over the last quarter. 10.10% of the stock is owned by corporate insiders.

Institutional Trading of Cryoport

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lazard Asset Management LLC boosted its holdings 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 acquiring an additional 4,014 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Cryoport by 3.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 48,522 shares of the company’s stock worth $859,000 after buying an additional 1,438 shares during the last quarter. Comerica Bank raised its stake 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 during the last quarter. SG Americas Securities LLC acquired a new position in Cryoport in the second quarter valued at $185,000. Finally, Assenagon Asset Management S.A. boosted its position in Cryoport by 52.9% during the second quarter. Assenagon Asset Management S.A. now owns 1,477,693 shares of the company’s stock valued at $10,211,000 after acquiring an additional 511,064 shares during the last quarter. 92.90% of the stock is currently owned by institutional investors and hedge funds.

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.