Zacks Investment Research Lowers BIO-TECHNE (NASDAQ:TECH) to Sell

BIO-TECHNE (NASDAQ:TECH) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

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. “

A number of other research firms have also weighed in on TECH. ValuEngine lowered BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. BidaskClub lowered BIO-TECHNE from a “buy” rating to a “hold” rating in a research report on Saturday, July 13th. TheStreet lowered BIO-TECHNE from a “b” rating to a “c+” rating in a research report on Tuesday, August 6th. Finally, Janney Montgomery Scott raised BIO-TECHNE from a “neutral” rating to a “buy” rating and raised their price objective for the company from $200.00 to $270.00 in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $211.17.



Shares of TECH traded up $6.93 on Tuesday, reaching $197.36. The stock had a trading volume of 5,095 shares, compared to its average volume of 165,833. BIO-TECHNE has a 12-month low of $132.75 and a 12-month high of $217.15. The company has a quick ratio of 3.15, a current ratio of 4.05 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 51.95, a price-to-earnings-growth ratio of 4.12 and a beta of 1.17. The company’s 50-day moving average price is $207.85.

BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.08. BIO-TECHNE had a return on equity of 13.20% and a net margin of 13.45%. The company had revenue of $191.66 million during the quarter, compared to analyst estimates of $196.37 million. During the same quarter last year, the company earned $1.34 EPS. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, sell-side analysts predict that BIO-TECHNE will post 4.24 earnings per share for the current fiscal year.

In other BIO-TECHNE news, Director Robert V. Baumgartner bought 500 shares of BIO-TECHNE stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $191.06 per share, with a total value of $95,530.00. Following the acquisition, the director now owns 8,726 shares in the company, valued at $1,667,189.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Charles R. Kummeth sold 33,031 shares of BIO-TECHNE stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $212.60, for a total value of $7,022,390.60. The disclosure for this sale can be found here. In the last three months, insiders sold 46,548 shares of company stock valued at $9,790,896. Corporate insiders own 3.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Jackson Square Partners LLC grew its holdings in shares of BIO-TECHNE by 3.9% in the first quarter. Jackson Square Partners LLC now owns 882,634 shares of the biotechnology company’s stock worth $175,246,000 after acquiring an additional 33,357 shares during the period. Champlain Investment Partners LLC grew its holdings in shares of BIO-TECHNE by 1.7% in the first quarter. Champlain Investment Partners LLC now owns 720,090 shares of the biotechnology company’s stock worth $142,974,000 after acquiring an additional 11,990 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of BIO-TECHNE by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 469,012 shares of the biotechnology company’s stock worth $97,786,000 after acquiring an additional 6,749 shares during the period. Geode Capital Management LLC grew its holdings in shares of BIO-TECHNE by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 416,496 shares of the biotechnology company’s stock worth $60,275,000 after acquiring an additional 27,587 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in shares of BIO-TECHNE by 0.3% in the first quarter. New York State Common Retirement Fund now owns 352,156 shares of the biotechnology company’s stock worth $69,921,000 after acquiring an additional 900 shares during the period. 92.09% of the stock is owned by institutional investors.

About BIO-TECHNE

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

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