Bio-Techne (NASDAQ:TECH) Shares Down 10.8% on Disappointing Earnings

Key Points

• Shares fell 10.8% after the quarter's EPS of $0.53 missed estimates by $0.02 and revenue of $311.42 million also missed consensus and was down 1.5% year‑over‑year.
• Despite the miss, analysts remain generally positive with a MarketBeat consensus rating of "Moderate Buy" and a consensus price target of $72.77, and several firms have recently raised targets or reiterated buy ratings.
• Bio‑Techne is valued at about $7.92 billion with a high P/E (~99.38) but strong liquidity (quick ratio 3.08, current ratio 4.54), and roughly 98.95% of shares are held by institutional investors.

Bio-Techne Corp (NASDAQ:TECH - Get Free Report)'s stock price dropped 10.8% on Wednesday following a weaker than expected earnings announcement. The company traded as low as $49.77 and last traded at $50.5320. Approximately 2,041,218 shares traded hands during trading, a decline of 12% from the average daily volume of 2,317,194 shares. The stock had previously closed at $56.68.

The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). The business had revenue of $311.42 million for the quarter, compared to analyst estimates of $316.08 million. Bio-Techne had a net margin of 6.67% and a return on equity of 13.94%. The firm's revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.56 earnings per share.

Wall Street Analysts Forecast Growth

TECH has been the topic of several research analyst reports. Benchmark reiterated a "buy" rating on shares of Bio-Techne in a research report on Tuesday, February 3rd. Wells Fargo & Company lifted their price objective on shares of Bio-Techne from $70.00 to $76.00 and gave the stock an "overweight" rating in a research report on Friday, February 6th. Zacks Research upgraded shares of Bio-Techne from a "strong sell" rating to a "hold" rating in a report on Monday, February 9th. Evercore boosted their price target on shares of Bio-Techne from $62.00 to $68.00 and gave the company an "in-line" rating in a report on Thursday, February 5th. Finally, TD Cowen restated a "buy" rating on shares of Bio-Techne in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Bio-Techne currently has an average rating of "Moderate Buy" and a consensus target price of $72.77.

Institutional Trading of Bio-Techne

Several hedge funds have recently modified their holdings of the stock. Asset Management One Co. Ltd. boosted its stake in Bio-Techne by 2.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company's stock valued at $341,000 after acquiring an additional 153 shares during the last quarter. Accredited Investors Inc. raised its holdings in shares of Bio-Techne by 2.7% during the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock worth $356,000 after acquiring an additional 161 shares during the period. Allworth Financial LP increased its stake in Bio-Techne by 28.4% in the 3rd quarter. Allworth Financial LP now owns 786 shares of the biotechnology company's stock valued at $44,000 after buying an additional 174 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Bio-Techne by 3.5% in the 4th quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after acquiring an additional 181 shares during the period. Finally, Angeles Wealth Management LLC lifted its holdings in Bio-Techne by 3.4% during the 3rd quarter. Angeles Wealth Management LLC now owns 5,703 shares of the biotechnology company's stock valued at $317,000 after purchasing an additional 189 shares during the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Down 10.6%

The firm has a market cap of $7.92 billion, a P/E ratio of 99.38, a P/E/G ratio of 3.60 and a beta of 1.41. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.08 and a current ratio of 4.54. The firm's fifty day moving average is $54.70 and its 200 day moving average is $59.71.

Bio-Techne Company Profile

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.

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