Bio-Techne (NASDAQ:TECH) Issues Earnings Results, Meets Expectations

Bio-Techne (NASDAQ:TECH) posted its quarterly earnings results on Wednesday. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52, FiscalAI reports. The business had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.68 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 EPS.

Bio-Techne Stock Up 0.1%

Shares of TECH stock traded up $0.08 during trading hours on Wednesday, reaching $72.23. The company had a trading volume of 1,079,486 shares, compared to its average volume of 3,474,400. The company has a market cap of $11.31 billion, a price-to-earnings ratio of 104.68, a price-to-earnings-growth ratio of 8.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. Bio-Techne has a 12 month low of $43.19 and a 12 month high of $72.39. The business has a fifty day simple moving average of $66.18 and a 200-day simple moving average of $59.18.

Institutional Investors Weigh In On Bio-Techne

A number of institutional investors and hedge funds have recently bought and sold shares of TECH. Measured Wealth Private Client Group LLC purchased a new position in Bio-Techne during the 3rd quarter worth $32,000. iSAM Funds UK Ltd bought a new position in shares of Bio-Techne during the third quarter valued at about $33,000. EverSource Wealth Advisors LLC boosted its holdings in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 562 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Bio-Techne during the fourth quarter worth about $39,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in Bio-Techne by 81.5% during the fourth quarter. Itau Unibanco Holding S.A. now owns 1,009 shares of the biotechnology company’s stock worth $59,000 after purchasing an additional 453 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on TECH. Benchmark downgraded Bio-Techne from a “buy” rating to a “hold” rating in a report on Tuesday, June 30th. TD Cowen downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and lifted their price target for the company from $65.00 to $73.00 in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective on the stock. in a report on Friday, June 26th. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the company an “equal weight” rating in a research note on Friday, June 26th. Finally, Robert W. Baird lifted their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.