Bio-Techne (NASDAQ:TECH) Posts Earnings Results

Bio-Techne (NASDAQ:TECH) issued its quarterly earnings results on Wednesday. The biotechnology company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52, FiscalAI reports. The company had revenue of $321.19 million during the quarter, compared to analysts’ expectations of $314.68 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share.

Bio-Techne Trading Up 0.1%

Shares of NASDAQ:TECH traded up $0.06 during mid-day trading on Wednesday, hitting $72.21. The company had a trading volume of 917,102 shares, compared to its average volume of 3,473,915. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. Bio-Techne has a one year low of $43.19 and a one year high of $72.39. The firm has a fifty day moving average price of $66.18 and a 200 day moving average price of $59.18. The company has a market capitalization of $11.31 billion, a PE ratio of 104.65, a price-to-earnings-growth ratio of 8.59 and a beta of 1.28.

Institutional Investors Weigh In On Bio-Techne

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Measured Wealth Private Client Group LLC acquired a new position in shares of Bio-Techne during the third quarter valued at about $32,000. iSAM Funds UK Ltd bought a new stake in Bio-Techne in the 3rd quarter valued at about $33,000. EverSource Wealth Advisors LLC increased its position in Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 562 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Bio-Techne during the 4th quarter worth approximately $39,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in Bio-Techne by 81.5% in the fourth quarter. Itau Unibanco Holding S.A. now owns 1,009 shares of the biotechnology company’s stock worth $59,000 after acquiring an additional 453 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TECH has been the topic of a number of recent analyst reports. TD Cowen lowered Bio-Techne from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $65.00 to $73.00 in a research note on Monday, June 29th. Weiss Ratings restated a “hold (c-)” rating on shares of Bio-Techne in a report on Tuesday, August 4th. William Blair lowered shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Wells Fargo & Company decreased their price objective on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Finally, Zacks Research downgraded shares of Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.08.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.