Bio-Techne (NASDAQ:TECH) Sets New 1-Year High – Here’s What Happened

Bio-Techne Corp (NASDAQ:TECH)’s stock price reached a new 52-week high on Monday . The stock traded as high as $72.37 and last traded at $72.2540, with a volume of 360 shares changing hands. The stock had previously closed at $72.29.

Analyst Ratings Changes

TECH has been the topic of several analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bio-Techne in a research report on Tuesday, August 4th. Evercore downgraded shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research note on Thursday, May 7th. Citigroup cut shares of Bio-Techne from a “buy” rating to a “neutral” rating and upped their target price for the company from $70.00 to $73.00 in a report on Friday, June 26th. Finally, Wells Fargo & Company cut their target price on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $68.08.

Bio-Techne Price Performance

The stock has a market capitalization of $11.31 billion, a price-to-earnings ratio of 104.68, a P/E/G ratio of 8.61 and a beta of 1.28. The company’s 50-day simple moving average is $65.31 and its 200-day simple moving average is $59.15. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18.

Institutional Trading of Bio-Techne

Several hedge funds have recently added to or reduced their stakes in TECH. BlackRock Inc. acquired a new position in shares of Bio-Techne in the second quarter valued at about $990,924,000. Wellington Management Group LLP raised its stake in Bio-Techne by 349.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after purchasing an additional 3,978,026 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Bio-Techne by 164.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after purchasing an additional 2,495,328 shares during the period. Ruane Cunniff & Goldfarb L.P. boosted its holdings in 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 valued at $177,266,000 after purchasing an additional 1,926,066 shares during the period. Finally, Norges Bank acquired a new position in shares of Bio-Techne during the 4th quarter worth approximately $99,494,000. 98.95% of the stock is owned by institutional investors and hedge funds.

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.