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Morning Commentary: Cryoport stock tanks on preliminary earnings, revised guidance
By Abigail W. Adams
Portland, Me., July 13 – The convertibles secondary space remained firm early Thursday as equity indexes added to their gains from the previous session.
The Dow Jones industrial average was up 94 points, or 0.27%, the S&P 500 index was up 0.56%, the Nasdaq Composite index was up 0.96% and the Russell 2000 index was up 0.58% shortly before 11 a.m. ET.
There was $74 million in reported convertibles trading volume about one hour into the session although few names saw concentrated trading activity.
While the market remained strong with buyers active in the space, topical news was driving trading activity early in the session.
Cryoport Inc.’s 0.75% convertible notes due 2026, a small, illiquid issue that rarely appears on the tape, was the most heavily traded name early in Thursday’s session.
The notes were in focus as stock tanked after the company released preliminary earnings results and downwardly revised guidance.
The 0.75% notes were changing hands at 78 versus a stock price of $14.44 early in the session, according to a market source.
The yield was 8.35%.
There was $6 million in reported volume.
Cryoport’s stock traded down to a 52-week low of $13.89 early in the session but pared losses to trade at $14.60, a decrease of 24.72%, shortly before 11 a.m. ET.
The provider of products and services to the cell and gene therapy industry announced pre-open that second-quarter revenue would be $56.5 million to $57.5 million, a significant decrease from previous guidance.
The company also downwardly revised its full-year revenue guidance and is now expecting revenue of $233 million to $243 million.
Cryoport’s 0.75% notes last traded at 80 in mid-June, according to Trace data.
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