Here’s Why Neogen Corporation (NEOG) Rebounded in Q1

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Strategy highlighted stocks like Neogen Corporation (NASDAQ:NEOG) in the first quarter 2023 investor letter. Headquartered in Lansing, Michigan, Neogen Corporation (NASDAQ:NEOG) develops and manufactures products for food and animal safety. On May 24, 2023, Neogen Corporation (NASDAQ:NEOG) stock closed at $17.00 per share. One-month return of Neogen Corporation (NASDAQ:NEOG) was -0.76%, and its shares lost 35.19% of their value over the last 52 weeks. Neogen Corporation (NASDAQ:NEOG) has a market capitalization of $3.676 billion.

Conestoga Small Cap Strategy made the following comment about Neogen Corporation (NASDAQ:NEOG) in its Q1 2023 investor letter:

Neogen Corporation (NASDAQ:NEOG), one of 2022’s weakest performers as it worked through the acquisition of the food safety division of 3M Company (MMM), rebounded and also contributed to relative returns. Lastly, the strategy also benefited from our underweight to the biotechnology industry, which underperformed meaningfully in the first quarter.”

Neogen Corporation (NASDAQ:NEOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Neogen Corporation (NASDAQ:NEOG) at the end of the first quarter 2023 which was 29 in the previous quarter.

We discussed Neogen Corporation (NASDAQ:NEOG) in another article and shared Baron Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.