Bio-Techne (NASDAQ:TECH - Get Free Report) had its price objective decreased by analysts at Scotiabank from $90.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's price objective would suggest a potential upside of 39.76% from the company's current price.
A number of other analysts also recently issued reports on the stock. UBS Group dropped their price target on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Benchmark reissued a "buy" rating and set a $75.00 price target on shares of Bio-Techne in a report on Thursday, June 5th. TD Cowen started coverage on Bio-Techne in a report on Wednesday. They set a "buy" rating and a $65.00 price target on the stock. Evercore ISI started coverage on Bio-Techne in a report on Tuesday, March 18th. They set an "outperform" rating and a $75.00 price target on the stock. Finally, Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Bio-Techne has an average rating of "Hold" and an average price target of $70.00.
Get Our Latest Research Report on TECH
Bio-Techne Stock Down 1.4%
Shares of TECH traded down $0.75 during mid-day trading on Friday, reaching $53.67. The company had a trading volume of 246,129 shares, compared to its average volume of 1,465,298. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.58 and a current ratio of 3.71. The firm has a 50-day moving average price of $50.15 and a 200 day moving average price of $59.16. Bio-Techne has a 52 week low of $46.01 and a 52 week high of $83.62. The company has a market capitalization of $8.41 billion, a price-to-earnings ratio of 65.57, a price-to-earnings-growth ratio of 2.50 and a beta of 1.39.
Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The firm had revenue of $316.18 million for the quarter, compared to analysts' expectations of $317.92 million. During the same period in the previous year, the firm posted $0.48 EPS. The business's revenue for the quarter was up 4.2% compared to the same quarter last year. On average, sell-side analysts forecast that Bio-Techne will post 1.67 EPS for the current year.
Bio-Techne declared that its Board of Directors has approved a share buyback plan on Wednesday, May 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the biotechnology company to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Diversified Trust Co lifted its holdings in shares of Bio-Techne by 12.2% in the 2nd quarter. Diversified Trust Co now owns 15,505 shares of the biotechnology company's stock valued at $798,000 after acquiring an additional 1,681 shares during the last quarter. Family Legacy Financial Solutions LLC bought a new position in shares of Bio-Techne in the 2nd quarter valued at about $173,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Bio-Techne by 3.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 20,672 shares of the biotechnology company's stock valued at $1,098,000 after acquiring an additional 709 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new stake in Bio-Techne in the second quarter worth about $3,383,000. Finally, Czech National Bank lifted its stake in Bio-Techne by 5.5% in the second quarter. Czech National Bank now owns 38,319 shares of the biotechnology company's stock worth $1,972,000 after purchasing an additional 2,009 shares during the last quarter. Institutional investors own 98.95% of the company's stock.
About Bio-Techne
(
Get Free Report)
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.
Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Bio-Techne, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bio-Techne wasn't on the list.
While Bio-Techne currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.