Cryoport price target lowered to $18 from $19 at Needham

Needham lowered the firm’s price target on Cryoport to $18 from $19 but keeps a Buy rating on the shares. The analyst notes the company’s Q4 revenue miss and below-consensus guidance, though its management also believes that its MVE Biological Solutions unit has stabilized, with trends set to improve throughout the year. Needham adds that at afterhours valuation of 2.5-times enterprise value to expected sales and expectations for growth later in the year, risk/reward on Cryoport “remains favorable”.