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

Fred Alger Management LLC grew its holdings in Cryoport, Inc. (NASDAQ:CYRX) by 49.9% during the third quarter, Holdings Channel reports. The firm owned 2,698,768 shares of the company’s stock after acquiring an additional 898,481 shares during the quarter. Fred Alger Management LLC owned about 0.05% of Cryoport worth $21,887,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thematics Asset Management lifted its stake in Cryoport by 176.2% in the third quarter. Thematics Asset Management now owns 1,705,000 shares of the company’s stock valued at $13,828,000 after buying an additional 1,087,800 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Cryoport in the 3rd quarter valued at $82,000. Algert Global LLC lifted its position in shares of Cryoport by 282.7% during the 3rd quarter. Algert Global LLC now owns 247,483 shares of the company’s stock valued at $2,007,000 after acquiring an additional 182,808 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Cryoport by 0.6% during the third 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 in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Cryoport in the third quarter worth $105,000. Institutional investors own 92.90% of the company’s stock.

Insider Activity at Cryoport

In other news, CEO Jerrell Shelton sold 50,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were 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 in the company, valued at $4,764,649.47. This represents a 6.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 10.10% of the stock is currently owned by insiders.

Cryoport Stock Performance

Shares of Cryoport stock opened at $7.08 on Friday. Cryoport, Inc. has a 52 week low of $5.32 and a 52 week 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. The business has a 50 day moving average price of $7.39 and a 200-day moving average price of $8.47. The company has a market cap of $349.96 million, a PE ratio of -2.10 and a beta of 1.63.

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

Wall Street Analyst Weigh In

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