Cryoport price target lowered to $30 from $40 at KeyBanc

KeyBanc analyst Paul Knight lowered the firm’s price target on Cryoport to $30 from $40 and keeps an Overweight rating on the shares. The analyst notes that while the Q3 miss and suspension of long-term guidance reduces his growth assumption of MVE and CRYPDP, the long-term trend of core Cryogenic Logistics is compelling. The Cell & Gene Therapy market is realizing its potential, with a record of four approvals this year, and the FDA’s PDUFA VII rule funds more staffers for potential CGT approvals, Knight adds.