Zacks Investment Research Downgrades CryoLife (NYSE:CRY) to Sell


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CryoLife (NYSE:CRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, 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. “

Separately, Needham & Company LLC upped their price objective on CryoLife from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Friday.

CryoLife stock traded up $0.28 during mid-day trading on Tuesday, hitting $28.60. The company had a trading volume of 257,407 shares, compared to its average volume of 197,943. The company has a current ratio of 4.35, a quick ratio of 3.06 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average price is $23.26 and its two-hundred day moving average price is $22.77. CryoLife has a 12 month low of $16.13 and a 12 month high of $30.00. The company has a market capitalization of $1.12 billion, a PE ratio of -75.26, a price-to-earnings-growth ratio of 161.60 and a beta of 1.47.

CryoLife (NYSE:CRY) last announced its quarterly earnings results on Thursday, April 29th. The medical equipment provider reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. CryoLife had a positive return on equity of 1.86% and a negative net margin of 5.45%. Equities research analysts anticipate that CryoLife will post 0.01 EPS for the current year.

In other CryoLife news, SVP Jean F. Holloway sold 1,693 shares of the company’s stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $25.28, for a total value of $42,799.04. Also, VP Dennis B. Maier sold 7,197 shares of the company’s stock in a transaction dated Wednesday, February 17th. The stock was sold at an average price of $24.73, for a total value of $177,981.81. Following the completion of the sale, the vice president now owns 23,211 shares of the company’s stock, valued at approximately $574,008.03. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in CryoLife by 9.7% in the fourth quarter. BlackRock Inc. now owns 6,816,729 shares of the medical equipment provider’s stock worth $160,944,000 after buying an additional 601,274 shares in the last quarter. Morgan Stanley increased its position in CryoLife by 9.6% in the fourth quarter. Morgan Stanley now owns 1,552,583 shares of the medical equipment provider’s stock worth $36,656,000 after buying an additional 136,492 shares in the last quarter. William Blair Investment Management LLC increased its position in CryoLife by 10.8% in the fourth quarter. William Blair Investment Management LLC now owns 878,473 shares of the medical equipment provider’s stock worth $20,741,000 after buying an additional 85,843 shares in the last quarter. New York State Common Retirement Fund increased its position in CryoLife by 76.6% in the fourth quarter. New York State Common Retirement Fund now owns 292,743 shares of the medical equipment provider’s stock worth $6,912,000 after buying an additional 126,960 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of CryoLife by 1.5% in the fourth quarter. Principal Financial Group Inc. now owns 283,623 shares of the medical equipment provider’s stock worth $6,697,000 after acquiring an additional 4,175 shares during the period. Institutional investors and hedge funds own 80.92% of the company’s stock.

CryoLife Company Profile

CryoLife, Inc manufactures, processes, and distributes medical devices and implantable human tissues worldwide. It offers BioGlue, a polymer consisting of bovine blood protein and an agent for cross-linking proteins for cardiac, vascular, pulmonary, and general surgical applications; On-X prosthetic aortic and mitral heart valve, and On-X ascending aortic prosthesis; cardiac preservation services; PhotoFix, a bovine pericardial patch; and E-vita OPEN PLUS and E-vita OPEN NEO, a hybrid stent graft system.

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