Zacks Research Upgrades Bio-Techne (NASDAQ:TECH) to "Hold"

Key Points

• Zacks Research has upgraded Bio-Techne from a "strong sell" to a "hold" rating, indicating a shift in sentiment towards the company's stock.
• Evercore ISI raised its target price for Bio-Techne from $60 to $72, while Citigroup increased its target from $55 to $70, suggesting a generally positive outlook among analysts.
• Bio-Techne reported a quarterly earnings per share of $0.53, which exceeded expectations, along with a year-over-year revenue increase of 3.6% to $316.96 million.

Bio-Techne (NASDAQ:TECH - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

TECH has been the subject of several other research reports. Evercore ISI raised their target price on Bio-Techne from $60.00 to $72.00 and gave the company an "outperform" rating in a research note on Tuesday. Royal Bank Of Canada raised Bio-Techne from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, September 3rd. Citigroup raised Bio-Techne from a "neutral" rating to a "buy" rating and raised their target price for the company from $55.00 to $70.00 in a research note on Thursday, August 21st. TD Cowen started coverage on Bio-Techne in a research note on Wednesday, July 9th. They set a "buy" rating and a $65.00 target price for the company. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Bio-Techne in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Bio-Techne has a consensus rating of "Moderate Buy" and a consensus price target of $70.17.

Bio-Techne Trading Down 4.4%

NASDAQ:TECH opened at $59.19 on Monday. The business has a fifty day moving average of $54.23 and a 200-day moving average of $52.52. Bio-Techne has a 1 year low of $46.01 and a 1 year high of $80.80. The stock has a market cap of $9.22 billion, a price-to-earnings ratio of 128.68, a PEG ratio of 3.95 and a beta of 1.48. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $315.14 million. During the same quarter last year, the business posted $0.49 earnings per share. The company's quarterly revenue was up 3.6% on a year-over-year basis. Equities analysts predict that Bio-Techne will post 1.67 earnings per share for the current year.

Hedge Funds Weigh In On Bio-Techne

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Bio-Techne by 17.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,630 shares of the biotechnology company's stock valued at $1,153,000 after purchasing an additional 2,980 shares during the period. Teacher Retirement System of Texas purchased a new stake in Bio-Techne in the 1st quarter worth about $1,362,000. CX Institutional purchased a new stake in Bio-Techne in the 1st quarter worth about $27,000. Park Avenue Securities LLC purchased a new stake in Bio-Techne in the 2nd quarter worth about $270,000. Finally, State of Alaska Department of Revenue lifted its stake in Bio-Techne by 2.2% in the 1st quarter. State of Alaska Department of Revenue now owns 18,524 shares of the biotechnology company's stock worth $1,086,000 after acquiring an additional 405 shares in the last quarter. 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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