Bio-Techne (NASDAQ:TECH) Stock Rating Lowered by Argus

Bio-Techne (NASDAQ:TECH) was downgraded by investment analysts at Argus from a “strong-buy” rating to a “strong sell” rating in a research note issued on Monday, Zacks reports.

A number of other equities analysts have also recently weighed in on TECH. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 25th. TD Cowen lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and boosted their price target for the company from $65.00 to $73.00 in a report on Monday, June 29th. Royal Bank Of Canada cut shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Finally, Benchmark reaffirmed a “hold” rating on shares of Bio-Techne in a research note on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $68.92.

Bio-Techne Price Performance

Bio-Techne stock opened at $72.60 on Monday. The company’s 50 day simple moving average is $72.43 and its 200 day simple moving average is $63.17. Bio-Techne has a fifty-two week low of $43.19 and a fifty-two week high of $72.75.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.52. The firm had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same quarter in the prior year, the firm posted $0.53 EPS. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. Equities research analysts predict that Bio-Techne will post 1.70 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Bio-Techne in the 2nd quarter valued at $990,924,000. HBK Investments L P acquired a new stake in shares of Bio-Techne in the 2nd quarter valued at about $482,186,000. Maverick Capital Ltd. lifted its holdings in shares of Bio-Techne by 23.1% in the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock valued at $247,698,000 after purchasing an additional 888,798 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. lifted its holdings in shares of Bio-Techne by 131.4% in the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock valued at $177,266,000 after purchasing an additional 1,926,066 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Bio-Techne by 10.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,973,136 shares of the biotechnology company’s stock valued at $103,118,000 after purchasing an additional 178,843 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

About Bio-Techne

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.