Bio-Techne Corp $TECH Stake Decreased by Bank of America Corp DE

Key Points

• Bank of America reduced its Bio-Techne stake by 2.1% in the first quarter, selling 23,742 shares and retaining 1.11 million shares valued at approximately $58.2 million. Institutional investors collectively own 98.95% of the company.
• Other institutions were active, with Ruane Cunniff & Goldfarb increasing its position by 131.4% and California State Teachers Retirement System adding 24.1%.
• Bio-Techne shares opened at $72.12, near their 52-week high, while analysts maintain a consensus “Hold” rating and an average price target of $68.08.

Bank of America Corp DE cut its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,113,573 shares of the biotechnology company's stock after selling 23,742 shares during the period. Bank of America Corp DE owned approximately 0.71% of Bio-Techne worth $58,195,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Intrinsic Edge Capital Management LLC bought a new stake in shares of Bio-Techne during the first quarter valued at about $5,749,000. Edgestream Partners L.P. bought a new stake in shares of Bio-Techne during the 1st quarter worth about $292,000. California State Teachers Retirement System lifted its stake in shares of Bio-Techne by 24.1% in the 1st quarter. California State Teachers Retirement System now owns 184,164 shares of the biotechnology company's stock worth $9,624,000 after acquiring an additional 35,772 shares during the period. Ruane Cunniff & Goldfarb L.P. lifted its stake in shares of Bio-Techne by 131.4% in the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company's stock worth $177,266,000 after acquiring an additional 1,926,066 shares during the period. Finally, American Capital Management Inc. boosted its holdings in shares of Bio-Techne by 8.5% in the first quarter. American Capital Management Inc. now owns 1,021,128 shares of the biotechnology company's stock valued at $53,364,000 after acquiring an additional 79,979 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Performance

TECH opened at $72.12 on Tuesday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The firm has a market cap of $11.29 billion, a PE ratio of 104.52, a P/E/G ratio of 8.61 and a beta of 1.28. The business has a fifty day simple moving average of $65.74 and a 200-day simple moving average of $59.17. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.39.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Bio-Techne from $76.00 to $62.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Zacks Research downgraded Bio-Techne from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. Robert W. Baird increased their price target on Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Stifel Nicolaus set a $50.00 price target on Bio-Techne in a research report on Thursday, May 7th. Finally, TD Cowen downgraded Bio-Techne from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $65.00 to $73.00 in a research note on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bio-Techne presently has a consensus rating of "Hold" and a consensus price target of $68.08.

About Bio-Techne

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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