Fred Alger Management LLC Has $21.89 Million Position in Cryoport, Inc. (NASDAQ:CYRX)

Fred Alger Management LLC increased its position in shares of Cryoport, Inc. (NASDAQ:CYRX) by 49.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,698,768 shares of the company’s stock after acquiring an additional 898,481 shares during the period. Fred Alger Management LLC owned about 5.46% of Cryoport worth $21,887,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CYRX. Lazard Asset Management LLC increased its stake in shares of Cryoport by 294.3% in the 1st 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 last quarter. Price T Rowe Associates Inc. MD grew its position in Cryoport by 3.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 48,522 shares of the company’s stock valued at $859,000 after acquiring 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 acquiring an additional 1,469 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Cryoport in the second quarter worth about $185,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Cryoport by 52.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,477,693 shares of the company’s stock valued at $10,211,000 after purchasing an additional 511,064 shares in the last quarter. 92.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Roth Mkm lowered their price objective on shares of Cryoport from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, November 8th. 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. Jefferies Financial Group cut Cryoport from a “buy” rating to a “hold” rating and dropped their price target for the company from $20.00 to $8.00 in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reduced 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.50.

Insider Buying and Selling at Cryoport

In related news, CEO Jerrell Shelton sold 50,000 shares of Cryoport stock in a transaction that occurred 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 directly owns 731,897 shares of the company’s stock, valued at $4,764,649.47. The trade was a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 10.10% of the company’s stock.

Cryoport Stock Performance

Shares of Cryoport stock opened at $7.08 on Friday. The stock has a market cap of $349.96 million, a price-to-earnings ratio of -2.10 and a beta of 1.63. Cryoport, Inc. has a twelve month low of $5.32 and a twelve month high of $20.10. The company’s fifty day moving average is $7.39 and its 200 day moving average is $8.47. 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 declared that its board has initiated a stock repurchase program on Tuesday, August 6th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 49.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Cryoport Profile

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.