What is Going on With CryoPort Inc (CYRX)?

CryoPort Inc (NASDAQ:CYRX) shares have sank almost 40% this morning after the company announced that it had priced a 5.5 million spot secondary run by Needham and Cowen at $2 per share. The underwriters have also been given the customary 30 day option to buy up to 825,000 more shares to cover any over-allotments. CryoPort Inc (NASDAQ:CYRX) plans to use the net proceeds of around $9.9 million, for business growth, working capital, and general corporate purposes.

Given that it’s a small stock with what used to be very small average volume, a big discount was needed to raise ~$10 million. Up till today, CryoPort Inc (NASDAQ:CYRX) averaged just 30,575 shares traded. Bulls hope that with today’s capital raise, management will use the capital raised wisely and unlock value for shareholders. Shares of the stock have been volatile in the past, and the future looks no different in that regard.

What Does The Smart Money Sentiment Say?

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Given that it’s a pretty small stock with a market cap of under $50 million, none of the 742 elite institutions that we track owned  CryoPort Inc (NASDAQ:CYRX) at the end of 2016.

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