Bio-Techne (NASDAQ:TECH) Announces Earnings Results, Meets Expectations

Bio-Techne (NASDAQ:TECH) released its quarterly earnings data on Wednesday. The biotechnology company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42, Briefing.com reports. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business had revenue of $286.56 million for the quarter, compared to analyst estimates of $292.02 million. During the same quarter in the prior year, the firm posted $0.42 EPS. The business’s quarterly revenue was down 1.0% compared to the same quarter last year.

Bio-Techne Price Performance

Shares of Bio-Techne stock traded down $1.87 during trading on Wednesday, reaching $59.23. The company’s stock had a trading volume of 2,525,327 shares, compared to its average volume of 2,112,089. The business has a 50 day moving average price of $57.42 and a 200-day moving average price of $53.62. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $9.22 billion, a P/E ratio of 128.50, a price-to-earnings-growth ratio of 3.63 and a beta of 1.48. Bio-Techne has a 12-month low of $46.01 and a 12-month high of $80.80.

Institutional Investors Weigh In On Bio-Techne

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position 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 worth $35,000 after buying an additional 562 shares during the period. E Fund Management Co. Ltd. boosted its stake in Bio-Techne by 4.5% during the 2nd quarter. E Fund Management Co. Ltd. now owns 5,497 shares of the biotechnology company’s stock valued at $283,000 after purchasing an additional 235 shares in the last quarter. Lazard Asset Management LLC bought a new position in Bio-Techne during the 2nd quarter valued at $329,000. Canada Pension Plan Investment Board boosted its stake in shares of Bio-Techne by 59.2% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,800 shares of the biotechnology company’s stock worth $401,000 after acquiring an additional 2,900 shares in the last quarter. Finally, FORA Capital LLC bought a new stake in shares of Bio-Techne during the 2nd quarter worth $554,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Citigroup upgraded Bio-Techne from a “neutral” rating to a “buy” rating and increased their target price for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. Weiss Ratings reissued a “sell (d+)” rating on shares of Bio-Techne in a research note on Wednesday, October 8th. Stephens raised Bio-Techne to a “strong-buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, July 22nd. TD Cowen raised their target price on Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Finally, Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $70.58.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.