BIO-TECHNE (TECH) Raised to Hold at Zacks Investment Research

BIO-TECHNE (NASDAQ:TECH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “

Several other equities research analysts have also commented on TECH. Leerink Swann set a $190.00 price objective on shares of BIO-TECHNE and gave the stock an “outperform” rating in a research note on Wednesday, August 8th. Robert W. Baird boosted their price objective on shares of BIO-TECHNE from $162.00 to $191.00 and gave the stock a “positive” rating in a research note on Wednesday, August 8th. Craig Hallum boosted their price objective on shares of BIO-TECHNE from $160.00 to $215.00 and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Citigroup boosted their price objective on shares of BIO-TECHNE from $160.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, August 9th. Finally, ValuEngine raised shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. BIO-TECHNE presently has a consensus rating of “Buy” and an average target price of $181.00.

NASDAQ:TECH traded down $3.82 during mid-day trading on Wednesday, hitting $160.39. 223,225 shares of the company’s stock were exchanged, compared to its average volume of 226,589. BIO-TECHNE has a one year low of $125.84 and a one year high of $206.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.59 and a quick ratio of 3.50. The firm has a market capitalization of $6.10 billion, a P/E ratio of 39.41, a PEG ratio of 2.89 and a beta of 1.05.

BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings data on Tuesday, October 30th. The biotechnology company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.95 by $0.03. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The business had revenue of $163.00 million for the quarter, compared to analyst estimates of $162.34 million. During the same quarter in the previous year, the firm posted $0.90 earnings per share. BIO-TECHNE’s quarterly revenue was up 12.7% on a year-over-year basis. On average, equities research analysts expect that BIO-TECHNE will post 3.79 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. raised its holdings in shares of BIO-TECHNE by 220.3% during the third quarter. Meeder Asset Management Inc. now owns 711 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 489 shares during the last quarter. Bruderman Asset Management LLC purchased a new position in shares of BIO-TECHNE during the second quarter valued at approximately $113,000. Fort L.P. purchased a new position in shares of BIO-TECHNE during the second quarter valued at approximately $115,000. Harvest Fund Management Co. Ltd purchased a new position in shares of BIO-TECHNE during the third quarter valued at approximately $192,000. Finally, Robecosam AG purchased a new position in shares of BIO-TECHNE during the second quarter valued at approximately $144,000. Hedge funds and other institutional investors own 93.90% of the company’s stock.

BIO-TECHNE Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

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