Bio-Techne (NASDAQ:TECH) Rating Lowered to Sell at Zacks Investment Research

Bio-Techne (NASDAQ:TECH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued 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. “

Several other research firms also recently issued reports on TECH. Benchmark upped their price objective on Bio-Techne from $320.00 to $410.00 and gave the stock a “buy” rating in a report on Monday, January 25th. Citigroup lifted their price target on shares of Bio-Techne from $310.00 to $400.00 and gave the stock a “neutral” rating in a report on Wednesday, February 3rd. Stifel Nicolaus raised shares of Bio-Techne from a “hold” rating to a “buy” rating and set a $435.00 target price for the company in a research report on Monday, March 1st. Craig Hallum upped their price target on shares of Bio-Techne from $352.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, February 3rd. Finally, Stephens raised shares of Bio-Techne from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $380.00 to $425.00 in a report on Monday, March 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $375.20.

Shares of NASDAQ:TECH opened at $426.41 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 5.14 and a quick ratio of 4.13. The business has a 50-day moving average of $402.80 and a two-hundred day moving average of $345.83. The stock has a market capitalization of $16.54 billion, a P/E ratio of 68.23, a P/E/G ratio of 7.23 and a beta of 1.13. Bio-Techne has a fifty-two week low of $225.44 and a fifty-two week high of $444.83.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Monday, February 1st. The biotechnology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.25. Bio-Techne had a return on equity of 12.20% and a net margin of 32.69%. The firm had revenue of $224.30 million for the quarter, compared to analyst estimates of $206.50 million. During the same period in the previous year, the company posted $1.08 earnings per share. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. As a group, research analysts expect that Bio-Techne will post 5.08 EPS for the current fiscal year.

In related news, insider Kim Kelderman sold 823 shares of the firm’s stock in a transaction dated Friday, February 5th. The stock was sold at an average price of $388.45, for a total transaction of $319,694.35. Following the completion of the sale, the insider now directly owns 845 shares of the company’s stock, valued at approximately $328,240.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of TECH. FMR LLC boosted its holdings in shares of Bio-Techne by 869.7% in the 1st quarter. FMR LLC now owns 10,211 shares of the biotechnology company’s stock worth $2,028,000 after acquiring an additional 9,158 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Bio-Techne by 2.9% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 2,391 shares of the biotechnology company’s stock worth $592,000 after purchasing an additional 67 shares in the last quarter. Virtu Financial LLC purchased a new position in Bio-Techne in the third quarter valued at about $243,000. Strs Ohio lifted its stake in shares of Bio-Techne by 7.4% during the 3rd quarter. Strs Ohio now owns 7,865 shares of the biotechnology company’s stock valued at $1,948,000 after buying an additional 542 shares in the last quarter. Finally, Wetherby Asset Management Inc. purchased a new stake in Bio-Techne in the 3rd quarter worth approximately $257,000. Institutional investors and hedge funds own 93.75% 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 worldwide. The company operates in two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment offers proteins and reagent solutions, including cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents, and T-Cell activation technologies.

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