Bio-Techne (NASDAQ:TECH) Cut to Strong Sell at Argus

Bio-Techne (NASDAQ:TECH) was downgraded by equities research analysts at Argus from a “strong-buy” rating to a “strong sell” rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other analysts have also commented on the company. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $62.00 to $73.00 in a research note on Thursday, July 9th. Zacks Research raised Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. Wells Fargo & Company lowered shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $62.00 to $73.00 in a report on Thursday, August 13th. Benchmark reiterated a “hold” rating on shares of Bio-Techne in a report on Wednesday, August 19th. Finally, TD Cowen downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and lifted their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. One research analyst has rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Bio-Techne currently has an average rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Stock Performance

Shares of NASDAQ:TECH opened at $72.60 on Monday. The firm has a 50 day moving average of $72.43 and a 200-day moving average of $63.17. Bio-Techne has a 12 month low of $43.19 and a 12 month high of $72.75.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52. The business had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. As a group, equities research analysts predict that Bio-Techne will post 1.70 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Techne

A number of institutional investors have recently modified their holdings of the company. North Dakota State Investment Board lifted its stake in shares of Bio-Techne by 4.3% in the third quarter. North Dakota State Investment Board now owns 4,789 shares of the biotechnology company’s stock valued at $347,000 after buying an additional 196 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Bio-Techne by 7.7% during the third quarter. Asset Management One Co. Ltd. now owns 6,961 shares of the biotechnology company’s stock valued at $504,000 after buying an additional 495 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Bio-Techne by 24.9% during the third quarter. Signaturefd LLC now owns 3,808 shares of the biotechnology company’s stock valued at $276,000 after buying an additional 759 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in shares of Bio-Techne during the third quarter worth about $206,000. Finally, Root Financial Partners LLC bought a new stake in shares of Bio-Techne during the third quarter worth about $27,000. 98.95% of the stock is owned by institutional investors and hedge funds.

About Bio-Techne

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.