Zacks Investment Research upgraded shares of BIO-TECHNE (NASDAQ:TECH) from a hold rating to a buy rating in a report released on Saturday morning. The firm currently has $158.00 target price on the biotechnology company’s stock.
According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “
TECH has been the topic of several other research reports. Citigroup restated a buy rating and set a $115.00 price objective (down previously from $125.00) on shares of BIO-TECHNE in a report on Tuesday, October 24th. Deutsche Bank set a $145.00 price objective on shares of BIO-TECHNE and gave the company a buy rating in a report on Tuesday, October 31st. Leerink Swann restated a buy rating on shares of BIO-TECHNE in a report on Tuesday, December 5th. Robert W. Baird restated a buy rating and set a $154.00 price objective on shares of BIO-TECHNE in a report on Thursday. Finally, BidaskClub downgraded shares of BIO-TECHNE from a buy rating to a hold rating in a report on Tuesday, December 5th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. BIO-TECHNE has a consensus rating of Buy and an average price target of $143.00.
BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings data on Tuesday, October 31st. The biotechnology company reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.08. BIO-TECHNE had a net margin of 12.54% and a return on equity of 14.11%. The firm had revenue of $144.61 million for the quarter, compared to the consensus estimate of $142.37 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. research analysts expect that BIO-TECHNE will post 3.77 EPS for the current fiscal year.
In related news, Director Robert V. Baumgartner sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $130.18, for a total value of $650,900.00. Following the transaction, the director now owns 12,712 shares in the company, valued at approximately $1,654,848.16. The sale was disclosed in a filing with the SEC, which is available through this link. 3.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of TECH. Prudential Financial Inc. increased its holdings in BIO-TECHNE by 1.4% in the 2nd quarter. Prudential Financial Inc. now owns 23,555 shares of the biotechnology company’s stock worth $2,768,000 after buying an additional 330 shares during the period. JPMorgan Chase & Co. increased its holdings in BIO-TECHNE by 665.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,034 shares of the biotechnology company’s stock worth $709,000 after buying an additional 5,246 shares during the period. Eaton Vance Management increased its holdings in BIO-TECHNE by 0.4% in the 2nd quarter. Eaton Vance Management now owns 2,566 shares of the biotechnology company’s stock worth $302,000 after buying an additional 9 shares during the period. Wells Fargo & Company MN increased its holdings in BIO-TECHNE by 7.5% in the 2nd quarter. Wells Fargo & Company MN now owns 49,657 shares of the biotechnology company’s stock worth $5,834,000 after buying an additional 3,475 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in BIO-TECHNE by 1.5% in the 2nd quarter. Alliancebernstein L.P. now owns 25,784 shares of the biotechnology company’s stock worth $3,030,000 after buying an additional 390 shares during the period. Institutional investors own 96.96% of the company’s stock.
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BIO-TECHNE Company Profile
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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