Cryoport upgraded to Buy from Neutral at B. Riley

B. Riley upgraded Cryoport to Buy from Neutral with a price target of $15, down from $19. Even after the recent momentum “from the oversold level,” the shares are trading under two-times enterprise value to sales, significantly lower than the company’s peer service providers, the analyst tells investors in a research note. The firm believes Cryoport “would attract private equity investors and activists at the current valuation.” As biotech funding recovers in the interest-cutting cycle, Cryoport warrants a revisit by investors who are looking to position for long-term return in the life science tools sector servicing the cell and gene therapies, contends Riley.