Bio-Techne (NASDAQ:TECH) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Analysts at Evercore ISI have raised their price target for Bio-Techne from $60.00 to $72.00, indicating a potential upside of 21.02% from its previous close.
• Several brokerages have varied recommendations for Bio-Techne, with Citigroup upgrading it to a "buy" rating and a target price of $70.00, while Weiss Ratings reissued a "sell" rating.
• Bio-Techne reported a $0.53 EPS for the last quarter, surpassing expectations and reflecting a year-over-year revenue increase of 3.6%.

Bio-Techne (NASDAQ:TECH - Get Free Report) had its price objective upped by analysts at Evercore ISI from $60.00 to $72.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the biotechnology company's stock. Evercore ISI's price objective would suggest a potential upside of 21.02% from the company's previous close.

Several other brokerages have also recently commented on TECH. Citigroup raised shares of Bio-Techne from a "neutral" rating to a "buy" rating and raised their target price for the stock from $55.00 to $70.00 in a report on Thursday, August 21st. Weiss Ratings reissued a "sell (d+)" rating on shares of Bio-Techne in a research note on Saturday, September 27th. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price objective on the stock in a research note on Tuesday, July 22nd. TD Cowen initiated coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price objective on the stock. Finally, Scotiabank decreased their price objective on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $70.17.

Bio-Techne Stock Performance

Shares of TECH traded down $2.42 during mid-day trading on Tuesday, hitting $59.50. 1,436,821 shares of the company's stock were exchanged, compared to its average volume of 2,136,512. Bio-Techne has a 52 week low of $46.01 and a 52 week high of $80.80. The stock's 50-day simple moving average is $54.20 and its 200-day simple moving average is $52.47. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of 129.21, a price-to-earnings-growth ratio of 4.01 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.

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

Institutional Trading of Bio-Techne

Hedge funds have recently added to or reduced their stakes in the stock. CX Institutional acquired a new stake in Bio-Techne in the first quarter valued at approximately $27,000. Allworth Financial LP boosted its position in Bio-Techne by 68.1% in the second quarter. Allworth Financial LP now owns 612 shares of the biotechnology company's stock valued at $31,000 after buying an additional 248 shares in the last quarter. AlphaQuest LLC acquired a new stake in Bio-Techne in the first quarter valued at approximately $34,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares during the period. Finally, Federated Hermes Inc. acquired a new position in shares of Bio-Techne during the first quarter worth $41,000. Institutional investors and hedge funds 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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