B. Riley cuts Cryoport to neutral, cites top-line growth

B. Riley has downgraded Cryoport (NASDAQ:CYRX) to neutral, citing limited visibility into growth.

The investment firm said it doesn’t see revenue growth from clinical trials and commercial CGTs, or cell and gene therapies, as supporting “meaningful” top-line growth.

“Considering the single-digit top-line growth, current nonprofitable operation, and limited visibility on generating profit in a high-interest investment environment, we move to the sidelines awaiting recovery from MVE and increasing investment in CGT clinical trials,” the firm added.

B. Riley lowered its price target for the stock to $19 from $22.