CryoPort (CYRX) Rose on Revenue Guidance
Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite rose 2.93% net of fees in the first quarter, compared to the Russell Microcap Growth Index’s 0.76% return. The Strategy posted 10.45% annualized returns since its inception at the end of 2019. Both positive stock selection and sector allocation equally contributed to the relative outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Strategy highlighted stocks like Cryoport, Inc. (NASDAQ:CYRX) in the first quarter 2023 investor letter. Headquartered in Brentwood, Tennessee, Cryoport, Inc. (NASDAQ:CYRX) provides logistics solutions to the life science industry. On May 24, 2023, Cryoport, Inc. (NASDAQ:CYRX) stock closed at $19.33 per share. One-month return of Cryoport, Inc. (NASDAQ:CYRX) was -7.20%, and its shares lost 16.28% of their value over the last 52 weeks. Cryoport, Inc. (NASDAQ:CYRX) has a market capitalization of $880.391 million.
Conestoga Micro Cap Strategy made the following comment about Cryoport, Inc. (NASDAQ:CYRX) in its Q1 2023 investor letter:
"Cryoport, Inc. (NASDAQ:CYRX): CYRX is a leading provider of cold chain logistics solutions to the life sciences industry. The company posted a 4Q22 revenue beat with 12% constant currency growth, driven by product revenue, while elevated operating expenses led to an adjusted EBITDA miss versus consensus. Fiscal 2023 revenue guidance came in ahead of consensus. CYRX called out continued strength from the cell and gene therapy market including manufacturing capacity additions along with new product launches as key drivers of this growth outlook."
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Cryoport, Inc. (NASDAQ:CYRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Cryoport, Inc. (NASDAQ:CYRX) at the end of first quarter 2023 which was 10 in the previous quarter.
We discussed Cryoport, Inc. (NASDAQ:CYRX) in another article and shared Alger Small Cap Focus Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
