Bio-Techne Corp (NASDAQ:TECH) Downgraded by Zacks Investment Research

Bio-Techne Corp (NASDAQ:TECH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, October 24th.

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. “

Other research analysts have also issued research reports about the company. Deutsche Bank AG increased their target price on Bio-Techne Corp from $130.00 to $132.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. BidaskClub raised Bio-Techne Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Finally, Wells Fargo & Company assumed coverage on Bio-Techne Corp in a research report on Thursday, July 13th. They set a “market perform” rating for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $134.33.

Shares of Bio-Techne Corp (TECH) opened at $124.24 on Tuesday. Bio-Techne Corp has a fifty-two week low of $95.68 and a fifty-two week high of $132.57. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.87 and a quick ratio of 2.25. The firm has a market capitalization of $4,654.28, a P/E ratio of 35.80, a price-to-earnings-growth ratio of 3.10 and a beta of 0.74.

Bio-Techne Corp (NASDAQ:TECH) last announced its earnings results on Tuesday, October 31st. The biotechnology company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.08. Bio-Techne Corp had a return on equity of 14.11% and a net margin of 12.54%. The firm had revenue of $144.61 million during the quarter, compared to analyst estimates of $142.37 million. During the same quarter in the prior year, the company earned $0.84 EPS. The business’s revenue was up 10.7% compared to the same quarter last year. sell-side analysts forecast that Bio-Techne Corp will post 3.76 earnings per share for the current year.

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In other news, Director Karen A. Holbrook sold 1,059 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $121.73, for a total value of $128,912.07. Following the transaction, the director now directly owns 914 shares in the company, valued at approximately $111,261.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert V. Baumgartner sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $130.18, for a total value of $650,900.00. Following the completion of the transaction, the director now owns 12,712 shares in the company, valued at $1,654,848.16. The disclosure for this sale can be found here. In the last three months, insiders sold 6,259 shares of company stock valued at $804,102. Corporate insiders own 3.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TECH. BlackRock Inc. lifted its position in Bio-Techne Corp by 14,548.6% during the first quarter. BlackRock Inc. now owns 3,500,436 shares of the biotechnology company’s stock valued at $355,820,000 after purchasing an additional 3,476,540 shares in the last quarter. Janus Henderson Group PLC lifted its position in Bio-Techne Corp by 334.3% during the second quarter. Janus Henderson Group PLC now owns 1,188,108 shares of the biotechnology company’s stock valued at $139,603,000 after purchasing an additional 914,554 shares in the last quarter. American Century Companies Inc. lifted its position in Bio-Techne Corp by 174.8% during the second quarter. American Century Companies Inc. now owns 731,589 shares of the biotechnology company’s stock valued at $85,962,000 after purchasing an additional 465,398 shares in the last quarter. Koch Industries Inc. purchased a new position in Bio-Techne Corp during the second quarter valued at $286,000. Finally, Schroder Investment Management Group lifted its position in Bio-Techne Corp by 222.0% during the second quarter. Schroder Investment Management Group now owns 342,815 shares of the biotechnology company’s stock valued at $40,220,000 after purchasing an additional 236,362 shares in the last quarter. Institutional investors own 98.66% of the company’s stock.

Bio-Techne Corp Company Profile

Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.

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