Wells Fargo & Company Increases Bio-Techne (NASDAQ:TECH) Price Target to $70.00

Bio-Techne (NASDAQ:TECH) had its price objective hoisted by equities research analysts at Wells Fargo & Company from $59.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 22.21% from the stock’s current price.

Several other equities research analysts also recently issued reports on TECH. TD Cowen increased their price objective on shares of Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Royal Bank Of Canada raised shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, September 3rd. Evercore ISI increased their target price on shares of Bio-Techne from $60.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Zacks Research upgraded shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Finally, Scotiabank reduced their target price on shares of Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating for the company in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $71.50.

Bio-Techne Price Performance

Shares of NASDAQ TECH traded down $2.66 during trading on Thursday, reaching $57.28. The company had a trading volume of 476,712 shares, compared to its average volume of 2,112,760. Bio-Techne has a 52 week low of $46.01 and a 52 week high of $79.28. The stock has a market cap of $8.92 billion, a PE ratio of 124.76, a PEG ratio of 3.63 and a beta of 1.51. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. The business’s 50 day moving average price is $57.50 and its 200-day moving average price is $53.66.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. The business had revenue of $286.56 million during the quarter, compared to the consensus estimate of $292.02 million. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. Bio-Techne’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 earnings per share. Analysts expect that Bio-Techne will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Bio-Techne

A number of hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in Bio-Techne by 109.7% during the 3rd quarter. Blue Trust Inc. now owns 453 shares of the biotechnology company’s stock worth $25,000 after buying an additional 237 shares during the period. Allworth Financial LP raised its holdings in Bio-Techne by 68.1% during the 2nd quarter. Allworth Financial LP now owns 612 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 248 shares during the last quarter. AlphaQuest LLC bought a new stake in shares of Bio-Techne in the 1st quarter valued at $34,000. EverSource Wealth Advisors LLC increased its stake in shares of Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 562 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new stake in shares of Bio-Techne in the 3rd quarter valued at $37,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Company Profile

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.