Bio-Techne Corp (TECH) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Bio-Techne Corp (NASDAQ:TECH) from a hold rating to a buy rating in a research note released on Thursday, July 6th. Zacks Investment Research currently has $131.00 price target on the biotechnology company’s stock.
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. “
Other research analysts also recently issued research reports about the company. BidaskClub downgraded Bio-Techne Corp from a buy rating to a hold rating in a report on Tuesday, June 13th. Citigroup Inc. reaffirmed a buy rating and set a $125.00 price objective (up previously from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. TheStreet raised Bio-Techne Corp from a c+ rating to a b rating in a report on Tuesday, May 2nd. Deutsche Bank AG reaffirmed a buy rating and set a $122.00 price objective (up previously from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. Finally, Janney Montgomery Scott downgraded Bio-Techne Corp from a buy rating to a neutral rating in a report on Monday, March 27th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Bio-Techne Corp presently has an average rating of Buy and a consensus price target of $123.20.
Shares of Bio-Techne Corp (NASDAQ TECH) traded down 0.45% during trading on Thursday, hitting $114.88. The stock had a trading volume of 113,315 shares. Bio-Techne Corp has a 52 week low of $95.68 and a 52 week high of $119.98. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of 61.80 and a beta of 0.79. The stock’s 50 day moving average is $115.98 and its 200 day moving average is $108.12.
Bio-Techne Corp (NASDAQ:TECH) last posted its quarterly earnings data on Tuesday, May 2nd. The biotechnology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. Bio-Techne Corp had a return on equity of 13.80% and a net margin of 12.86%. The firm had revenue of $144.04 million for the quarter, compared to the consensus estimate of $142.83 million. During the same quarter in the prior year, the business earned $1.01 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities research analysts expect that Bio-Techne Corp will post $3.62 earnings per share for the current fiscal year.
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In other Bio-Techne Corp news, Director Karen A. Holbrook sold 5,000 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $111.15, for a total transaction of $555,750.00. Following the completion of the sale, the director now owns 6,973 shares in the company, valued at approximately $775,048.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 10,300 shares of company stock valued at $1,146,707 in the last quarter. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds have recently modified their holdings of TECH. Israel Discount Bank of New York purchased a new stake in Bio-Techne Corp during the first quarter worth approximately $105,000. Flinton Capital Management LLC boosted its position in Bio-Techne Corp by 10.0% in the first quarter. Flinton Capital Management LLC now owns 1,056 shares of the biotechnology company’s stock worth $107,000 after buying an additional 96 shares during the period. Israel Discount Bank of New York GFN purchased a new position in Bio-Techne Corp during the fourth quarter worth about $127,000. Meadow Creek Investment Management LLC increased its position in Bio-Techne Corp by 10.0% in the first quarter. Meadow Creek Investment Management LLC now owns 1,452 shares of the biotechnology company’s stock worth $148,000 after buying an additional 132 shares in the last quarter. Finally, LS Investment Advisors LLC increased its position in Bio-Techne Corp by 49.9% in the first quarter. LS Investment Advisors LLC now owns 1,712 shares of the biotechnology company’s stock worth $174,000 after buying an additional 570 shares in the last quarter. Institutional investors own 96.94% of the company’s stock.
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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