Zacks Investment Research Lowers Cryolife (NYSE:CRY) to Hold

Cryolife (NYSE:CRY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

According to Zacks, “CryoLife, Inc. is a leader in medical device manufacturing and distribution and in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries. It operates throughout the U.S. and internationally. CryoLife manufactures and distributes BioGlue Surgical Adhesive, an FDA-approved adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in Europe for use in soft tissue repair and has received additional marketing approvals in several other countries throughout the world. CryoLife’s BioFoam Surgical Matrix is CE marked in Europe for use as an adjunct to hemostasis in cardiovascular surgery and on abdominal parenchymal tissues (liver and spleen) when control of bleeding by ligature or conventional methods is ineffective or impractical. CryoLife distributes PerClot, a powdered hemostat, in Europe and other select international countries. “

CRY has been the topic of a number of other research reports. Canaccord Genuity set a $35.00 target price on shares of Cryolife and gave the stock a “buy” rating in a report on Wednesday, July 31st. ValuEngine lowered shares of Cryolife from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $30.66.

Shares of CRY traded down $0.37 on Monday, reaching $22.88. The company’s stock had a trading volume of 101,946 shares, compared to its average volume of 197,445. The company has a current ratio of 5.03, a quick ratio of 3.82 and a debt-to-equity ratio of 0.83. Cryolife has a twelve month low of $22.30 and a twelve month high of $33.78. The stock has a market capitalization of $871.88 million, a PE ratio of 88.00 and a beta of 0.64. The firm has a fifty day moving average of $26.67 and a 200-day moving average of $28.59.

Cryolife (NYSE:CRY) last posted its earnings results on Tuesday, July 30th. The medical equipment provider reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.03. Cryolife had a net margin of 0.87% and a return on equity of 3.85%. The company had revenue of $71.14 million for the quarter, compared to analyst estimates of $70.79 million. During the same quarter in the prior year, the business posted $0.10 EPS. The firm’s revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts anticipate that Cryolife will post 0.29 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nuveen Asset Management LLC bought a new stake in Cryolife in the 2nd quarter worth about $5,258,000. Point72 Asset Management L.P. bought a new stake in Cryolife in the 2nd quarter worth about $4,906,000. Wasatch Advisors Inc. grew its position in Cryolife by 24.1% in the 2nd quarter. Wasatch Advisors Inc. now owns 618,207 shares of the medical equipment provider’s stock worth $18,503,000 after purchasing an additional 120,031 shares in the last quarter. Monarch Partners Asset Management LLC grew its position in Cryolife by 105.7% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 227,738 shares of the medical equipment provider’s stock worth $6,816,000 after purchasing an additional 117,030 shares in the last quarter. Finally, Morgan Stanley grew its position in Cryolife by 5.5% in the 2nd quarter. Morgan Stanley now owns 1,640,683 shares of the medical equipment provider’s stock worth $49,106,000 after purchasing an additional 84,970 shares in the last quarter. Institutional investors own 70.78% of the company’s stock.

Cryolife Company Profile

CryoLife, Inc, together with its subsidiaries, manufactures, processes, and distributes medical devices and implantable human tissues for use in cardiac and vascular surgeries worldwide. The company operates in two segments, Medical Devices and Preservation Services. It offers BioGlue, an agent for cross-linking proteins for cardiac, vascular, pulmonary, and general surgical applications; On-X mechanical heart valves for aortic and mitral indications; cardiac preservation services; PhotoFix, a bovine pericardial patch for use in cardiac and vascular repairing activities; and PerClot, an absorbable powdered hemostat for use in surgical procedures, including cardiac, vascular, orthopedic, neurological, gynecological, ENT, and trauma surgeries.

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