Here’s Why Alpha Teknova (TKNO) Stock Declined in Q3

Conestoga Capital Advisors, an asset management company, released its “Conestoga Micro Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the Micro-Cap composite declined 0.67% compared to a 2.14% return for the Russell Microcap Growth Index. The negative stock selection and underweight exposure to the top-performing Health Care sector resulted in 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 Alpha Teknova, Inc. (NASDAQ:TKNO) in its Q3 2022 investor letter. Headquartered in Hollister, California, Alpha Teknova, Inc. (NASDAQ:TKNO) is a reagents provider for the life sciences market. On December 15, 2022, Alpha Teknova, Inc. (NASDAQ:TKNO) stock closed at $4.9500 per share. One-month return of Alpha Teknova, Inc. (NASDAQ:TKNO) was 4.43%, and its shares lost 74.22% of their value over the last 52 weeks. Alpha Teknova, Inc. (NASDAQ:TKNO) has a market capitalization of $139.246 million.

Conestoga Capital Advisors made the following comment about Alpha Teknova, Inc. (NASDAQ:TKNO) in its Q3 2022 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. TKNO underperformed in the quarter on a reduction in forward guidance as early stage Biotech and Pharmaceuticals customers deferred large purchases amid macroeconomic (funding) uncertainty. Management believes this deferred spend will come back in 2023, and is not lost altogether.”

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Alpha Teknova, Inc. (NASDAQ:TKNO) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 6 hedge fund portfolios held Alpha Teknova, Inc. (NASDAQ:TKNO) at the end of the third quarter, which was 6 in the previous quarter.

We discussed Alpha Teknova, Inc. (NASDAQ:TKNO) in another article and shared the best low price pharma stocks to buy now. 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.