Tiger Brokers

BUZZ-Cryoport jumps as UBS upgrades rating to 'buy'

Reuters
Mar 25
BUZZ-Cryoport jumps as UBS upgrades rating to 'buy'

** Cryoport's CYRX.O shares jump 23.2% to $7

** CYRX provides supply chain solutions for life sciences companies

** Brokerage UBS upgrades CYRX's rating to "buy" from "neutral"

** Headwinds in CYRX's MVE subsidiary and broader biopharma market weakness have depressed sales, but these challenges are well understood, appear to be stabilizing, and provide an attractive entry point - UBS

** Expect Cryoport to achieve positive free cash flow by 2027, brokerage says

** Scaling cell and gene therapy service offerings provide a credible pathway to low-double-digit+ (~10+) mid-long term sales growth and positive free cash flow - UBS

** As of last close, CYRX had fallen ~27% YTD

(Reporting by Juby Babu in Mexico City)

((Juby.Babu@thomsonreuters.com;))

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