Conestoga Capital Advisors, an asset management company, released its “Conestoga Mid Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the Mid Cap composite returned -4.84% net of fees compared to a -0.65% return for the Russell Mid Cap Growth Index. Negative stock selection and allocation effects led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Conestoga Capital Advisors highlighted stocks like Repligen Corporation (NASDAQ:RGEN) in the third quarter 2022 investor letter. Headquartered in Waltham, Massachusetts, Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. On December 16, 2022, Repligen Corporation (NASDAQ:RGEN) stock closed at $164.84 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was -5.27%, and its shares lost 38.88% of their value over the last 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $9.153 billion.
Conestoga Capital Advisors made the following comment about Repligen Corporation (NASDAQ:RGEN) in its Q3 2022 investor letter:
“Repligen Corporation (NASDAQ:RGEN): RGEN is a provider of tools used by biotechnology companies. RGEN reported revenue of $208 million, above expectations for $190 million, on organic growth of 29%. Management noted strength across the board, with 40% growth in the base business led by the Filtration and Chromatography franchises. Management highlighted strong momentum in the core mAb and gene therapy markets. In addition, given the new manufacturing capacity coming online and strong order patterns, management’s confidence is high entering the back half of 2022.”
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Repligen Corporation (NASDAQ:RGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of the third quarter, which was 28 in the previous quarter.
We discussed Repligen Corporation (NASDAQ:RGEN) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.