Cryoport Inc. [NASDAQ: CYRX] gained 2.13% or 0.73 points to close at $34.98 with a heavy trading volume of 1037487 shares. The company report on May 21, 2020 that Cryoport, Inc. Prices $100.0 Million Convertible Senior Notes Offering.
Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport”) today announced the pricing on May 20, 2020 of its offering of $100.0 million in aggregate principal amount of 3.00% convertible senior notes due 2025 (the “notes”) in a private offering to investors reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Cryoport also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $15.0 million in principal amount of notes.
The notes will be senior, unsecured obligations of Cryoport and will accrue interest at a rate of 3.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes will mature on June 1, 2025, unless earlier repurchased, redeemed or converted. At any time before the close of business on the scheduled trading day immediately before the maturity date, noteholders may convert their notes at their option into shares of Cryoport’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The initial conversion rate is 41.8261 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $23.91 per share of common stock. The initial conversion price represents a premium of approximately 15% over the last reported sale of $20.79 per share of Cryoport’s common stock on May 20, 2020. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.
It opened the trading session at $34.43, the shares rose to $35.34 and dropped to $34.20, the range by which the price of stock traded the whole day. The daily chart for CYRX points out that the company has recorded 85.87% gains over the past six months. However, it is still -182.1% lower than its most recent low trading price.
If we look at the average trading volume of 673.22K shares, CYRX reached to a volume of 1037487 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Cryoport Inc. [CYRX]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CYRX shares is $27.43 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CYRX stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Stephens have made an estimate for Cryoport Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 08, 2020. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on July 01, 2019, representing the official price target for Cryoport Inc. stock. Previously, the target price had yet another raise to $22, while B. Riley FBR analysts kept a Buy rating on CYRX stock. On August 13, 2018, analysts increased their price target for CYRX shares from 11 to 16.
The Average True Range (ATR) for Cryoport Inc. is set at 1.46, with the Price to Sales ratio for CYRX stock in the period of the last 12 months amounting to 35.13. The Price to Book ratio for the last quarter was 10.32, with the Price to Cash per share for the same quarter was set at 2.61.
Trading performance analysis for CYRX stock
Cryoport Inc. [CYRX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.93. With this latest performance, CYRX shares gained by 5.71% in over the last four-week period, additionally plugging by 85.87% over the last 6 months – not to mention a rise of 80.59% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CYRX stock in for the last two-week period is set at 62.29, with the RSI for the last a single of trading hit 63.27, and the three-weeks RSI is set at 62.32 for Cryoport Inc. [CYRX]. The present Moving Average for the last 50 days of trading for this stock 30.21, while it was recorded at 34.01 for the last single week of trading, and 20.48 for the last 200 days.
Cryoport Inc. [CYRX]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Cryoport Inc. [CYRX] shares currently have an operating margin of -51.29 and a Gross Margin at +51.12. Cryoport Inc.’s Net Margin is presently recorded at -54.01.
Return on Total Capital for CYRX is now -18.88, given the latest momentum, and Return on Invested Capital for the company is -19.96. Return on Equity for this stock declined to -22.24, with Return on Assets sitting at -18.93. When it comes to the capital structure of this company, Cryoport Inc. [CYRX] has a Total Debt to Total Equity ratio set at 3.80. Additionally, CYRX Total Debt to Total Capital is recorded at 3.66, with Total Debt to Total Assets ending up at 3.50. Long-Term Debt to Equity for the company is recorded at 3.25, with the Long-Term Debt to Total Capital now at 3.14.
Reflecting on the efficiency of the workforce at the company, Cryoport Inc. [CYRX] managed to generate an average of -$146,652 per employee. Receivables Turnover for the company is 6.38 with a Total Asset Turnover recorded at a value of 0.35.Cryoport Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 14.80 and a Current Ratio set at 14.90.
Cryoport Inc. [CYRX]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Cryoport Inc. posted -0.35/share EPS, while the average EPS was predicted by analysts to be reported at -0.07/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -400.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CYRX.
An analysis of insider ownership at Cryoport Inc. [CYRX]
There are presently around $1,291 million, or 88.30% of CYRX stock, in the hands of institutional investors. The top three institutional holders of CYRX stocks are: FRED ALGER MANAGEMENT, LLC with ownership of 9,449,966, which is approximately 102.59% of the company’s market cap and around 1.20% of the total institutional ownership; BLACKROCK INC., holding 2,460,278 shares of the stock with an approximate value of $86.06 million in CYRX stocks shares; and VICTORY CAPITAL MANAGEMENT INC, currently with $78.17 million in CYRX stock with ownership of nearly -4.865% of the company’s market capitalization.
Positions in Cryoport Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 63 institutional holders increased their position in Cryoport Inc. [NASDAQ:CYRX] by around 9,161,960 shares. Additionally, 53 investors decreased positions by around 2,017,160 shares, while 11 investors held positions by with 25,730,905 shares. The mentioned changes placed institutional holdings at 36,910,025 shares, according to the latest SEC report filing. CYRX stock had 26 new institutional investments in for a total of 1,000,707 shares, while 6 institutional investors sold positions of 267,487 shares during the same period.