Cryoport price target lowered to $18 from $25 at Roth MKM

Roth MKM lowered the firm’s price target on Cryoport to $18 from $25 but keeps a Buy rating on the shares. The company’s unexpected and rapidly onset weakness across multiple business lines and geographies in the second half of the second quarter showed a full quarter of impact in Q3, as product revenues fell 26% vs. last year and 8% from Q2, the analyst tells investors in a research note. Service revenues rose 2% sequentially however, reversing Q2’s sequential decline, the firm added.