CYRX heads into Thursday's Q1 print with the stock up 60% over the past month and analysts chasing the move — the earnings call is now the first moment the market gets to decide whether the fundamentals deserve the re-rating.
The analyst community has shifted into a clear gear. Craig-Hallum raised its target to $20 yesterday, the most bullish call on the Street and the freshest signal heading into the report. Keybanc, BTIG, and Needham all lifted targets in May, with the consensus now sitting at roughly $15.33 — a figure the stock has already blown past at $16.50. The bull case centres on Cryoport's dominant position in cell and gene therapy cold-chain logistics, where clinical trial volumes and commercial programme wins drive a long structural runway. Bears push back on valuation: the EV/EBITDA multiple, while compressing sharply (down over 60 points in the past month as estimates moved), still sits at roughly 190x on a trailing basis — elevated even relative to the company's own long-term EBITDA margin target of around 30%, which some analysts view as optimistic against sector peers.
Short sellers are not the story. SI has fallen to 3.2% of the free float, down nearly 25% over the past month, and the borrow market is about as relaxed as it gets: availability has jumped to over 5,100% of short interest, meaning the pool of lendable shares dwarfs the short position by a factor of more than 50. Cost to borrow is running at just 0.44% annualised. The ORTEX short score has eased from 43 in late May to 35 now. There is no meaningful short-side overhang, and no squeeze dynamic at work.
Options positioning reinforces the calm. The put/call ratio is 0.22, essentially flat with its 20-day average and sitting near the low end of its 52-week range. Options traders are not hedging aggressively into the print. The two most recent prior earnings events, admittedly from a small sample, saw the stock rise over 4% and nearly 18% on the day respectively — each followed by strong five-day follow-through. Sector peers had a strong week too: BRKR gained 22%, A rose 17%, and ABCL added 16%, suggesting the broader life sciences tools group is in a risk-on mood heading into the session.
The print will test whether Cryoport's revenue trajectory and path to positive EBITDA justify a stock price that has now run ahead of every published analyst target except Craig-Hallum's freshly minted $20.
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