Hedge Funds Are Bullish On CryoPort, Inc. (CYRX)

The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the second quarter, which unveil their equity positions as of June 30th. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards CryoPort, Inc. (NASDAQ:CYRX).

CryoPort, Inc. (NASDAQ:CYRX) investors should be aware of an increase in activity from the world’s largest hedge funds recently. CryoPort, Inc. (NASDAQ:CYRX) was in 22 hedge funds’ portfolios at the end of June. The all time high for this statistic is 21. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. There were 20 hedge funds in our database with CYRX holdings at the end of March. Our calculations also showed that CYRX isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings).

Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Hedge funds have more than $3.5 trillion in assets under management, so you can’t expect their entire portfolios to beat the market by large margins. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 79 percentage points since March 2017 (see the details here). So you can still find a lot of gems by following hedge funds’ moves today.

Richard Driehaus of Driehaus Capital

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Keeping this in mind we’re going to review the key hedge fund action regarding CryoPort, Inc. (NASDAQ:CYRX).

Do Hedge Funds Think CYRX Is A Good Stock To Buy Now?

At the end of the second quarter, a total of 22 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 10% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in CYRX over the last 24 quarters. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

The largest stake in CryoPort, Inc. (NASDAQ:CYRX) was held by Impax Asset Management, which reported holding $59 million worth of stock at the end of June. It was followed by Driehaus Capital with a $31.4 million position. Other investors bullish on the company included Intrinsic Edge Capital, Alyeska Investment Group, and Citadel Investment Group. In terms of the portfolio weights assigned to each position Roubaix Capital allocated the biggest weight to CryoPort, Inc. (NASDAQ:CYRX), around 2.71% of its 13F portfolio. Intrinsic Edge Capital is also relatively very bullish on the stock, dishing out 1.08 percent of its 13F equity portfolio to CYRX.

Now, key money managers have jumped into CryoPort, Inc. (NASDAQ:CYRX) headfirst. CaaS Capital, managed by Frank Fu, assembled the biggest position in CryoPort, Inc. (NASDAQ:CYRX). CaaS Capital had $3.7 million invested in the company at the end of the quarter. Ray Dalio’s Bridgewater Associates also made a $3 million investment in the stock during the quarter. The other funds with new positions in the stock are Robert Joseph Caruso’s Select Equity Group, Richard SchimeláandáLawrence Sapanski’s Cinctive Capital Management, and Ryan Tolkin (CIO)’s Schonfeld Strategic Advisors.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as CryoPort, Inc. (NASDAQ:CYRX) but similarly valued. These stocks are Yalla Group Limited (NYSE:YALA), FuelCell Energy, Inc. (NASDAQ:FCEL), Dicerna Pharmaceuticals Inc (NASDAQ:DRNA), Maxar Technologies Inc (NYSE:MAXR), Badger Meter, Inc. (NYSE:BMI), Youdao, Inc. (NYSE:DAO), and Atlantic Union Bankshares Corporation (NASDAQ:AUB). This group of stocks’ market values are similar to CYRX’s market value.

View table here if you experience formatting issues.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $188 million. That figure was $168 million in CYRX’s case. Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) is the most popular stock in this table. On the other hand Youdao, Inc. (NYSE:DAO) is the least popular one with only 5 bullish hedge fund positions. CryoPort, Inc. (NASDAQ:CYRX) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for CYRX is 75.6. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 24% in 2021 through October 22nd and still beat the market by 1.6 percentage points. Hedge funds were also right about betting on CYRX as the stock returned 23% since the end of Q2 (through 10/22) and outperformed the market. Hedge funds were rewarded for their relative bullishness.

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Disclosure: None. This article was originally published at Insider Monkey.

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