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Multiple Headwinds Dragged Bio-Techne Corp. (TECH) in Q1

Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like Bio-Techne Corporation (NASDAQ:TECH), in the first quarter 2024 investor letter. Bio-Techne Corporation (NASDAQ:TECH), with a market capitalization of $12.813 billion, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets. One-month return of Bio-Techne Corporation (NASDAQ:TECH) was 29.96%, and its shares lost 1.07% of their value over the last 52 weeks. On May 22, 2024, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $82.98 per share.

Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding Bio-Techne Corporation (NASDAQ:TECH) in its first quarter 2024 investor letter:

"Bio-Techne Corporation (NASDAQ:TECH): TECH makes and distributes biological research supplies used by researchers around the globe. TECH reported a weak quarter with reduced organic revenue growth driven by continued softness in biotech funding, destocking at pharma customers, and overall weakness in China. Similar to peers, management believes the second half of 2024 should be better than the first half."

A laboratory technician in a safety suit analyzing and conducting a series of experiments.

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Bio-Techne Corporation's (NASDAQ:TECH) trailing 12 months revenue is $1.15 billion. Bio-Techne Corporation (NASDAQ:TECH) revenue in the recent quarter was $303.4 million, an increase of 3% year-over-year.

Bio-Techne Corporation (NASDAQ:TECH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Bio-Techne Corporation (NASDAQ:TECH) at the end of the first quarter which was 23 in the previous quarter.

In another article, we discussed Bio-Techne Corporation (NASDAQ:TECH) and shared Baron Asset Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.