Macroeconomic Headwinds Dragged Cryoport (CYRX) in Q4
Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund underperformed the Russell 2000 Growth Index. The Energy and Communication Services sectors contributed to the fund’s relative performance in the quarter, while Consumer Discretionary and Information Technology detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Small Cap Focus Fund highlighted stocks like Cryoport, Inc. (NASDAQ:CYRX) in the Q4 2022 investor letter. Headquartered in Brentwood, Tennessee, Cryoport, Inc. (NASDAQ:CYRX) provides supply chain solutions for the life science industry. On March 15, 2023, Cryoport, Inc. (NASDAQ:CYRX) stock closed at $21.13 per share. One-month return of Cryoport, Inc. (NASDAQ:CYRX) was -0.80%, and its shares lost 34.42% of their value over the last 52 weeks. Cryoport, Inc. (NASDAQ:CYRX) has a market capitalization of $1.021 billion.
Alger Small Cap Focus Fund made the following comment about Cryoport, Inc. (NASDAQ:CYRX) in its Q4 2022 investor letter:
"Cryoport, Inc. (NASDAQ:CYRX) provides temperature-controlled supply chain solutions to the life science industry, which supports the global distribution of cellular-based materials and drug products, as well as other life sciences commodities that need to be shipped at cryogenic temperatures (ie., below-150 degrees Celsius). Their services range from cryogenic to room temperatures and offer a cloud-based logistics management platform to support the organization of shipments. In turn, these services are critical for CryoPort's customers in the biopharma, reproductive medicine, and animal health sectors. Shares underperformed during the period as the company reported weaker than expected third quarter results, stemming from various macroeconomic headwinds that impacted demand for products such as cryogenic freezers. Given management's expectation for continued macroeconomic headwinds, the company reduced full year guidance along with pulling their 2025 long-term revenue target."
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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, 10 hedge fund portfolios held Cryoport, Inc. (NASDAQ:CYRX) at the end of the fourth quarter which was 11 in the previous quarter.
We discussed Cryoport, Inc. (NASDAQ:CYRX) in another article and shared Alger Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 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.
