Alger Capital, an investment management company, released its “Alger Small Cap Focus Fund” second quarter investor letter. A copy of the same can be downloaded here. The fund declined 19.25% in the second quarter compared to the Russell 2000 Growth Index. Class A shares of the fund in the second quarter underperformed the Russell 2000 Growth Index. Financials and consumer discretionary sectors significantly contributed to the fund’s relative performance, while healthcare and information technology were the major performance detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the second quarter investor letter, Alger Capital discussed stocks like Cryoport, Inc. (NASDAQ:CYRX). Cryoport, Inc. (NASDAQ:CYRX) is a life science services providing company headquartered in Brentwood, Tennessee. On August 31, 2022, Cryoport, Inc. (NASDAQ:CYRX) stock closed at $32.66 per share. One-month return of Cryoport, Inc. (NASDAQ:CYRX) was -11.56% and its shares lost 50.92% of their value over the last 52 weeks. Cryoport, Inc. (NASDAQ:CYRX) has a market capitalization of $1.584 billion.
Here is what Alger Capital specifically said about Cryoport, Inc. (NASDAQ:CYRX):
“Cryoport, Inc. (NASDAQ:CYRX) is a leading global provider of critical cold chain logistics solutions for temperature-sensitive materials for the life science industry. Cryoport’s solutions are used to ship high-value biological samples that need extremely strict controls to avoid spoilage. These can include cell therapies, gene therapy drugs in development, animal health vaccines, human embryos for in vitro fertilization, and other items for clinical trials and research. At the end of the first quarter of this year, Cryoport supported nine commercial cell and gene therapies. Cryoport also supports 609 trials, or approximately 50% of the more than 1,170 industry-sponsored regenerative medicine clinical trials currently happening around the world.
Cryoport’s stock price declined significantly between November 2021 and May 2022, which we believe can be primarily attributed to broader weakness among life science tools equities than to a change in the company’s fundamentals. However, Cryoport share performance eventually strengthened, in part due to a string of positive releases from Cryoport’s biopharma customers at the 2022 American Society of Clinical Oncology (ASCO) conference in June. In 2022, we believe the company also has several positive catalysts, including the launch of its logistics services centers in June and a new product launch scheduled for the fourth quarter of this year. Longer term, we view Cryoport as a unique way to participate in the attractive cell and gene therapy market, which has been growing approximately 40% annually.”
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Cryoport, Inc. (NASDAQ:CYRX) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Cryoport, Inc. (NASDAQ:CYRX) was held by 11 hedge fund portfolios at the end of the second quarter, which was 21 in the previous quarter.
We discussed Cryoport, Inc. (NASDAQ:CYRX) in another article and shared Baron Funds’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
