Bio-Techne (NASDAQ:TECH) Price Target Raised to $70.00

Key Points

• TD Cowen raised its price target for Bio-Techne from $65.00 to $70.00, suggesting a potential upside of 17.35% from the current stock price, and maintains a "buy" rating on the stock.
• Bio-Techne's recent quarterly earnings exceeded analysts' expectations with an EPS of $0.53, up from $0.49 in the same quarter last year.
• Institutional investors hold 98.95% of Bio-Techne's stock, indicating strong confidence in the company's performance and future growth prospects.

Bio-Techne (NASDAQ:TECH - Get Free Report) had its price target upped by research analysts at TD Cowen from $65.00 to $70.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. TD Cowen's price objective would indicate a potential upside of 17.35% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Scotiabank lowered their target price on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 11th. Cowen reiterated a "buy" rating on shares of Bio-Techne in a research note on Tuesday. Stephens upgraded shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price target for the company in a research note on Tuesday, July 22nd. Zacks Research upgraded Bio-Techne from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Finally, Royal Bank Of Canada upgraded shares of Bio-Techne from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, September 3rd. One 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $70.58.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $59.65 on Tuesday. The company has a market capitalization of $9.29 billion, a PE ratio of 129.68, a PEG ratio of 3.74 and a beta of 1.48. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The stock's 50 day moving average price is $54.56 and its 200-day moving average price is $52.47. Bio-Techne has a twelve month low of $46.01 and a twelve month high of $80.80.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business had revenue of $316.96 million for the quarter, compared to analyst estimates of $315.14 million. During the same period last year, the company posted $0.49 earnings per share. Bio-Techne's quarterly revenue was up 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Bio-Techne will post 1.67 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TECH. Assenagon Asset Management S.A. lifted its stake in Bio-Techne by 20.9% in the first quarter. Assenagon Asset Management S.A. now owns 52,339 shares of the biotechnology company's stock worth $3,069,000 after purchasing an additional 9,041 shares during the last quarter. CX Institutional purchased a new stake in Bio-Techne during the 1st quarter valued at about $27,000. Exchange Traded Concepts LLC grew its position in Bio-Techne by 21.2% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,803 shares of the biotechnology company's stock worth $164,000 after acquiring an additional 490 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Bio-Techne by 4.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,210 shares of the biotechnology company's stock worth $657,000 after purchasing an additional 490 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its position in Bio-Techne by 3.1% in the first quarter. Conestoga Capital Advisors LLC now owns 329,152 shares of the biotechnology company's stock valued at $19,298,000 after purchasing an additional 10,030 shares during the last quarter. Institutional investors own 98.95% 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 in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.

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