Will Azenta (AZTA) Stock Bounce Back?

Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned -8.88% net of fees in the third quarter compared to -6.04% return for the MSCI ACWI SMID Capitalization Index. Stock selection, sector allocation, and portfolio style led to the underperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Polen Capital discussed stocks like Azenta, Inc. (NASDAQ:AZTA) in the Q3 2022 investor letter. Headquartered in Chelmsford, Massachusetts, Azenta, Inc. (NASDAQ:AZTA) is a sample exploration and management solutions provider for the life science market. On October 26, 2022, Azenta, Inc. (NASDAQ:AZTA) stock closed at $46.00 per share. One-month return of Azenta, Inc. (NASDAQ:AZTA) was 4.64% and its shares lost 59.52% of their value over the last 52 weeks. Azenta, Inc. (NASDAQ:AZTA) has a market capitalization of $3.451 billion.

Polen Capital made the following comment about Azenta, Inc. (NASDAQ:AZTA)  in its Q3 2022 investor letter:

“Life science sample management business, Azenta, Inc. (NASDAQ:AZTA), which is a relatively new position, missed on revenues for the quarter. The business was negatively impacted by FX headwinds due to a strong U.S. dollar and the COVID shutdown in China. The company has been transparent about how they benefited from COVID revenues; however the decline was larger and quicker than expected. While the results were disappointing, we believe the company is a secular winner in a growing industry where their services are needed in an increasingly complex drug discovery world.”

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Azenta, Inc. (NASDAQ:AZTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Azenta, Inc. (NASDAQ:AZTA) at the end of the second quarter which was 25 in the previous quarter.

We discussed Azenta, Inc. (NASDAQ:AZTA)  in another article and shared RGA Investment Advisors’ views on the company. 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.