Alger Small Cap Focus Fund recently released its Q3 2020 Investor Letter, a copy of which you can download here. Class A shares of the Alger Small Cap Focus Fund underperformed the Russell 2000 Growth Index during the third quarter of 2020. You should check out Alger Small Cap Focus Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.
In the Q3 2020 Investor Letter, Alger Small Cap Focus Fund highlighted a few stocks and CryoPort Inc. (NASDAQ:CYRX) is one of them. CryoPort Inc. (NASDAQ:CYRX) provides cryogenic logistics solutions to the life sciences industry. Year-to-date, CryoPort Inc. (NASDAQ:CYRX) stock gained 166.5% and on December 28th it had a closing price of $43.87. Here is what Alger Small Cap Focus Fund said:
“Cryoport provides temperature-controlled supply chain solutions to the life sciences industry. The company supports the global distribution of cellular-based materials and drug products, as well as other commodities like animal health vaccines and embryos for in vitro fertilization. These products need to be shipped at temperatures below -150°C (-238°F). Cryoport’s sophisticated, cloud-based logistics platform supports the management of shipments through a single interface, which includes order entry, courier management and near real-time shipment monitoring. These services are an integral part of the supply chain for Cryoport’s customers. Cryoport’s services are embedded in the manufacturing and delivery processes of all four commercially approved CAR-T therapies, which involve using genetically engineered T-cells to engage the body’s immune system to fight cancer. Cryoportalso supports approximately 45% of the more than 1.000 ongoing global regenerative medicine clinical trials. We believe demand for Cryoport’s services is hitting an inflection point, with Cryoport’s customers planning to seek regulatory approval of at least six new biologic drugs this year and more than 17 next year. Cryoport shares outperformed after the company announced in August that it is acquiring CRYOPDP and MVE Biological Solutions, which will nearly quadrupleCryoport’s revenue from $34 million as of last year to approximately $160 million. The two acquisitions will be accretive and potentially accelerate the timeline for Cryoport becoming profitable while increasing the company’s addressable market.”
Earlier this month, we published an article revealing that Baron Health Care Fund is bullish on CryoPort Inc. (NASDAQ:CYRX) stock. The investment firm sees significant upside just from the current pipeline of trials already being supported with a continued inflection in growth as more products flow through this pipeline into commercial shipments.
In Q3 2020, the number of bullish hedge fund positions on CryoPort Inc. (NASDAQ:CYRX) stock increased by about 58% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in CryoPort’s growth potential. Our calculations showed that CryoPort Inc. (NASDAQ:CYRX) isn’t ranked among the 30 most popular stocks among hedge funds.
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Video: Top 5 Stocks Among Hedge Funds
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