Bio-Techne (NASDAQ:TECH) Raised to Hold at Zacks Research

Bio-Techne (NASDAQ:TECH) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently commented on TECH. Weiss Ratings raised Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. TD Cowen cut Bio-Techne from a “buy” rating to a “hold” rating and raised their target price for the stock from $65.00 to $73.00 in a report on Monday, June 29th. William Blair lowered Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Finally, Leerink Partners set a $73.00 price target on Bio-Techne in a research note on Thursday, June 25th. Two equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat.com, Bio-Techne has a consensus rating of “Hold” and an average price target of $68.92.

Bio-Techne Price Performance

Shares of TECH stock opened at $72.38 on Tuesday. The firm’s 50 day moving average price is $70.28 and its two-hundred day moving average price is $59.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55. Bio-Techne has a 52-week low of $43.19 and a 52-week high of $72.62. The stock has a market cap of $11.35 billion, a PE ratio of 62.94, a PEG ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $321.19 million during the quarter, compared to analysts’ expectations of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS. As a group, analysts forecast that Bio-Techne will post 1.76 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its stake in Bio-Techne by 12.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock valued at $62,379,000 after acquiring an additional 113,634 shares during the period. Woodline Partners LP lifted its stake in Bio-Techne by 40.0% in the first quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock valued at $783,000 after buying an additional 3,814 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Bio-Techne by 506.3% in the second 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 during the period. First Trust Advisors LP boosted its holdings in shares of Bio-Techne by 1,085.7% in the second quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after buying an additional 96,527 shares during the period. Finally, Natixis increased its position in shares of Bio-Techne by 82.6% during the second quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock worth $1,286,000 after acquiring an additional 11,306 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

About Bio-Techne

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.