Bio-Techne Corp (TECH) Raised to “Buy” at Zacks Investment Research
Bio-Techne Corp (NASDAQ:TECH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $136.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.20% from the company’s previous close.
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. “
A number of other research analysts have also recently weighed in on the stock. Deutsche Bank AG set a $132.00 price objective on shares of Bio-Techne Corp and gave the stock a “buy” rating in a research note on Wednesday, August 30th. BidaskClub raised shares of Bio-Techne Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Finally, Wells Fargo & Company started coverage on shares of Bio-Techne Corp in a research note on Thursday, July 13th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Bio-Techne Corp has an average rating of “Buy” and an average price target of $128.75.
Shares of Bio-Techne Corp (TECH) traded up 0.503% on Wednesday, hitting $122.915. The stock had a trading volume of 40,884 shares. Bio-Techne Corp has a one year low of $95.68 and a one year high of $124.00. The company’s 50 day moving average is $121.47 and its 200 day moving average is $113.95. The stock has a market cap of $4.60 billion, a PE ratio of 60.549 and a beta of 0.76.
Bio-Techne Corp (NASDAQ:TECH) last issued its quarterly earnings data on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.10. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.19%. The business had revenue of $156.60 million during the quarter, compared to analysts’ expectations of $150.25 million. During the same period last year, the company posted $0.92 EPS. The company’s revenue was up 16.2% on a year-over-year basis. Equities research analysts predict that Bio-Techne Corp will post $3.99 EPS for the current fiscal year.
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In other Bio-Techne Corp news, Director Karen A. Holbrook sold 1,059 shares of Bio-Techne Corp stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $121.73, for a total value of $128,912.07. Following the completion of the sale, the director now directly owns 914 shares of the company’s stock, valued at approximately $111,261.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 1,259 shares of company stock valued at $152,436 over the last ninety days. 3.40% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its stake in Bio-Techne Corp by 22.5% in the 1st quarter. Bank of America Corp DE now owns 249,413 shares of the biotechnology company’s stock worth $25,353,000 after acquiring an additional 45,852 shares during the period. Eagle Asset Management Inc. grew its stake in Bio-Techne Corp by 5.0% in the 2nd quarter. Eagle Asset Management Inc. now owns 49,945 shares of the biotechnology company’s stock worth $5,868,000 after acquiring an additional 2,371 shares during the period. Vanguard Group Inc. grew its stake in Bio-Techne Corp by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 3,005,690 shares of the biotechnology company’s stock worth $305,528,000 after acquiring an additional 134,138 shares during the period. Candriam Luxembourg S.C.A. grew its stake in Bio-Techne Corp by 3.6% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 71,500 shares of the biotechnology company’s stock worth $7,268,000 after acquiring an additional 2,500 shares during the period. Finally, Sei Investments Co. grew its stake in Bio-Techne Corp by 151.1% in the 4th quarter. Sei Investments Co. now owns 230,361 shares of the biotechnology company’s stock worth $20,732,000 after acquiring an additional 138,626 shares during the period. 98.40% of the stock is owned by hedge funds and other institutional investors.
About Bio-Techne Corp
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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