Cryoport initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Cryoport with an Equal Weight rating and $16 price target. The analyst believes biopharma funding and China headwinds will limit near-term upside in the shares. However, Cryoport’s offerings are well-suited to address the shipping and logistics needs in the “rapidly growing” cell and gene therapy end market, the analyst tells investors in a research note.