BRENTWOOD, Tenn.—Mandalam Ramkumar, a director at Cryoport, Inc. (NASDAQ:CYRX), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Ramkumar sold 7,369 shares of common stock on December 2, 2024, at an average price of $7.46 per share. This transaction totaled $54,977. The sale comes as Cryoport's stock trades near $7.50, down about 52% year-to-date, with analysts setting price targets between $8 and $15.
In a related transaction, Ramkumar exercised stock options to acquire 10,834 shares at a price of $4.80 per share, amounting to a total value of $52,003. These transactions were conducted automatically under a Rule 10b5-1 trading plan, which was adopted on March 15, 2024. The proceeds from the stock sale were used to cover the exercise price and withholding taxes associated with the stock option exercise. According to InvestingPro, Cryoport maintains a healthy financial profile with a "GOOD" overall health score and shows signs of being slightly undervalued based on comprehensive analysis.
Following these transactions, Ramkumar's direct ownership in Cryoport now stands at 59,497 shares. Cryoport, Inc., based in Brentwood, Tennessee, specializes in pharmaceutical preparations and offers temperature-controlled supply chain solutions to the life sciences industry. The company currently has a market capitalization of approximately $371 million and maintains a strong current ratio of 5.7.
In other recent news, Cryoport Inc (NASDAQ:CYRX)., a key player in life sciences supply chain solutions, has held steady its full-year revenue guidance for 2024. This decision is buoyed by a promising growth in its Life Sciences Services and the successful introduction of new products and services. Despite a dip in demand in the Life Sciences Product business, the company reported a 9% increase in Life Sciences Services revenue and a 12% year-over-year growth in BioStorage and BioServices. The company's CEO, Jerrell Shelton, remains confident in Cryoport's strategy to achieve positive adjusted EBITDA by 2025, backed by cost-saving initiatives and a robust balance sheet with over $270 million in cash and short-term investments. In addition, Cryoport's CRYOPDP business has secured nine new contracts worth over $6 million annually. Cryoport anticipates continued market challenges but maintains an optimistic outlook about long-term growth, particularly in cell and gene therapy sectors. These are among the recent developments for Cryoport.
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