Bio-Techne (NASDAQ:TECH) Shares Gap Down – Here’s Why

Shares of Bio-Techne Corp (NASDAQ:TECH) gapped down before the market opened on Wednesday . The stock had previously closed at $61.10, but opened at $54.40. Bio-Techne shares last traded at $60.8050, with a volume of 627,636 shares.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TECH. TD Cowen lifted their price target on Bio-Techne from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Scotiabank decreased their price target on Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating for the company in a research note on Friday, July 11th. Cowen reiterated a “buy” rating on shares of Bio-Techne in a report on Tuesday, October 14th. Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Citigroup raised Bio-Techne from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $55.00 to $70.00 in a report on Thursday, August 21st. One research 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.58.

Bio-Techne Trading Down 2.7%

The stock’s 50 day moving average price is $57.42 and its 200-day moving average price is $53.62. The stock has a market capitalization of $9.26 billion, a P/E ratio of 128.99, a P/E/G ratio of 3.63 and a beta of 1.48. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The business had revenue of $286.56 million during the quarter, compared to analysts’ expectations of $292.02 million. During the same quarter in the prior year, the business posted $0.42 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities research analysts expect that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TECH. Blue Trust Inc. lifted its position in Bio-Techne by 109.7% during the third quarter. Blue Trust Inc. now owns 453 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 237 shares in the last quarter. Allworth Financial LP boosted its holdings in Bio-Techne by 68.1% in the 2nd quarter. Allworth Financial LP now owns 612 shares of the biotechnology company’s stock worth $31,000 after buying an additional 248 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Bio-Techne during the 1st quarter valued at approximately $34,000. EverSource Wealth Advisors LLC grew its stake in shares of Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 562 shares in the last quarter. Finally, Sound Income Strategies LLC purchased a new position in Bio-Techne during the third quarter worth about $37,000. Institutional investors own 98.95% of the company’s stock.

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.