Asset management firm Conestoga Capital Advisors has released its Q1 2024 Mid-Cap Strategy investor letter. A copy of the letter can be downloaded here. It was a solid quarter with many asset classes rising. The S&P index, which measures large-cap stocks, reached an all-time high on March 28th.Number 1, Additionally, the Russell 2000 index, which tracks small-cap performance, rose to within 10% of its all-time high. In the first quarter, the Midcap Composite Index rose 5.44% net of fees, while the Russell Midcap Growth Index returned 9.50%. Stock selection was the biggest critic of the quarter’s performance. Plus, check out the fund’s top 5 holdings to find out the best stocks for 2024.
Conestoga Capital Advisors’ Mid-Cap Strategy focused on stocks like Biotechne Corporation (NASDAQ:TECH) in its Q1 2024 Investor Letter. Bio-Techne Corporation (NASDAQ:TECH), with a market capitalization of $12,813 million, develops, manufactures, and sells life science reagents, instruments, and services for research and clinical diagnostic markets. Bio-Techne Corporation (NASDAQ:TECH)’s 1-month return is his 29.96%, and the company’s stock has lost his 1.07% of its value over the past 52 weeks. On May 22, 2024, Biotechne Corporation (NASDAQ: TECH) stock closed at $82.98 per share.
Conestoga Capital Advisors Mid-Cap Strategy says this about Bio-Techne Corporation (NASDAQ:TECH) in its Q1 2024 investor letter:
“Bio-Techne Co., Ltd. (NASDAQ:TECH): TECH manufactures and sells biological research supplies used by researchers around the world. TECH reported a weak quarter with lower organic revenue growth due to continued weakness in biotech funding, inventory reductions from pharmaceutical customers, and overall weakness in China. Like its peers, management also believes that the second half of 2024 should be better than the first half. ”
A laboratory technician wearing safety clothing analyzes and conducts a series of experiments.
Bio-Techne Corporation (NASDAQ:TECH) has revenues of $1.15 billion over the last 12 months. Bio-Techne Corporation (NASDAQ:TECH) had revenues of $303.4 million in the most recent quarter, up 3% year over year.
Bio-Techne Corporation (NASDAQ:TECH) is not included in our list of the 30 most popular stocks among hedge funds. According to our database, 28 hedge fund portfolios held Bio-Techne Corporation (NASDAQ:TECH) at the end of the first quarter, up from 23 in the previous quarter.
In another article, we covered Bio-Techne Corporation (NASDAQ:TECH) and shared Baron Asset Fund’s views on the company. Additionally, you can see other investor letters from hedge funds and other leading investors on our Hedge Fund Investor Letters Q1 2024 page.
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Disclosures: None. This article was originally published on Insider Monkey.
