Conestoga Capital Advisors, an asset management company, released its “Micro-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Investors are optimistic about the US economy which is heading for a softer landing, and moderating inflation. In the first quarter, the strategy rose 4.93% net-of-fees but trailed the Russell Micro Cap Growth Index’s return of 6.60%. Stock selection negatively impacted the performance but was partially offset by sector allocation. Stock selection in the Industrials and healthcare sectors detracted while Financials and Telecommunications sectors contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Micro-Cap Strategy highlighted stocks like Alpha Teknova, Inc. (NASDAQ:TKNO), in the first quarter 2024 investor letter. Alpha Teknova, Inc. (NASDAQ:TKNO), with a market capitalization of $69.808 million, produces critical reagents for the life science market for the research, discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics. One-month return of Alpha Teknova, Inc. (NASDAQ:TKNO) was 0.59%, and its shares lost 43.00% of their value over the last 52 weeks. On May 22, 2024, Alpha Teknova, Inc. (NASDAQ:TKNO) stock closed at $1.71 per share.
Conestoga Capital Advisors Micro-Cap Strategy stated the following regarding Alpha Teknova, Inc. (NASDAQ:TKNO) in its first quarter 2024 investor letter:
“Alpha Teknova, Inc. (NASDAQ:TKNO): TKNO is a leading provider of critical reagents that enable the discovery, development, and production of biopharmaceutical products such as drug therapies, novel vaccines, and molecular diagnostics. The company’s value proposition is providing quality, custom, made-to-order reagent products at both small research project scale to large commercial production scale in industry-leading turnaround times. TKNO underperformed in the quarter as early-stage biopharma companies continue to preserve capital. The company is seeing green shoots and expects a more positive second half of 2024.”
A Biopharma Scientist at a laboratory bench examining a sample under a microscope.
Alpha Teknova, Inc. (NASDAQ:TKNO) trailing 12 months revenue is $36.85 million. Alpha Teknova, Inc.’s (NASDAQ:TKNO) total revenue in the first quarter was $9.3 million, a 2% increase from last year first quarter.
Alpha Teknova, Inc. (NASDAQ:TKNO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Alpha Teknova, Inc. (NASDAQ:TKNO) at the end of the first quarter which was 7 in the previous quarter.
Conestoga Capital Advisors commented about Alpha Teknova, Inc. (NASDAQ:TKNO) in its Q3 2023 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 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.