Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The micro capitalization segment of the market proved the most challenging in the quarter with the Russell Micro Cap Index declining -7.93%. The Russell Micro Cap Growth Index fell further with a loss of -11.95%. The Micro Cap Composite also declined 13.34% net of fees during the same period. Particularly difficult stock selection in the Health Care and Consumer Discretionary sectors more than offset stronger stock selection effects in the Technology sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Composite highlighted stocks like NanoString Technologies, Inc. (NASDAQ:NSTG) in the third quarter 2023 investor letter. Headquartered in Seattle, Washington, NanoString Technologies, Inc. (NASDAQ:NSTG) develops and commercializes instruments and services for profiling of genes and proteins from tissue samples. On November 15, 2023, NanoString Technologies, Inc. (NASDAQ:NSTG) stock closed at $1.32 per share. One-month return of NanoString Technologies, Inc. (NASDAQ:NSTG) was -25.84%, and its shares lost 81.51% of their value over the last 52 weeks. NanoString Technologies, Inc. (NASDAQ:NSTG) has a market capitalization of $63.516 million.
Conestoga Micro Cap Composite made the following comment about NanoString Technologies, Inc. (NASDAQ:NSTG) in its Q3 2023 investor letter:
“NanoString Technologies, Inc. (NASDAQ:NSTG): NSTG is a leader in spatial biology, offering a platform of products that help researchers map biology down to a single-cell. Since our purchase of NSTG at the inception of the strategy nearly five years ago, the company has significantly widened its technology platform and products, increased its user base and ramped consumable revenues to 20% of total revenue. However, a slower path to profitability, combined with the decision to issue convertible debt in early-2020, has put the company in a difficult financial position. A patent fight with 10X Genomics (ticker: TXG) also added binary outcome risks to the investment, leading us to sell the position.”
A doctor in a biomedical study laboratory examining cells under a microscope.
NanoString Technologies, Inc. (NASDAQ:NSTG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held NanoString Technologies, Inc. (NASDAQ:NSTG) at the end of second quarter which was 23 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 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.
