Bio-Techne (NASDAQ:TECH) Stock Price Up 7% After Strong Earnings

Bio-Techne Corp (NASDAQ:TECHGet Free Report) shares were up 7% on Wednesday following a stronger than expected earnings report. The company traded as high as $69.92 and last traded at $69.16. Approximately 2,958,199 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 2,450,796 shares. The stock had previously closed at $64.63.

The biotechnology company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $295.88 million for the quarter, compared to analyst estimates of $290.20 million. Bio-Techne had a return on equity of 13.59% and a net margin of 6.41%.Bio-Techne’s revenue was down .4% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share.

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Analyst Ratings Changes

Several equities analysts recently commented on TECH shares. Wells Fargo & Company increased their price objective on shares of Bio-Techne from $59.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $72.00 price target on Bio-Techne and gave the company a “buy” rating in a research note on Friday, December 12th. Benchmark restated a “buy” rating on shares of Bio-Techne in a research report on Tuesday. Argus upped their target price on Bio-Techne from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, November 20th. Finally, Evercore ISI set a $62.00 price target on Bio-Techne and gave the company an “in-line” rating in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $70.57.

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Institutional Investors Weigh In On Bio-Techne

Several institutional investors and hedge funds have recently made changes to their positions in TECH. Nicholas Company Inc. lifted its stake in shares of Bio-Techne by 6.5% in the fourth quarter. Nicholas Company Inc. now owns 390,794 shares of the biotechnology company’s stock worth $22,983,000 after acquiring an additional 23,785 shares during the period. Swiss Life Asset Management Ltd raised its holdings in Bio-Techne by 4.6% during the 4th quarter. Swiss Life Asset Management Ltd now owns 7,526 shares of the biotechnology company’s stock worth $443,000 after purchasing an additional 328 shares during the last quarter. Bryn Mawr Trust Advisors LLC bought a new position in Bio-Techne during the 4th quarter worth approximately $223,000. Ethic Inc. lifted its position in shares of Bio-Techne by 7.5% in the 4th quarter. Ethic Inc. now owns 5,259 shares of the biotechnology company’s stock worth $309,000 after purchasing an additional 367 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Bio-Techne by 2.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 11,405 shares of the biotechnology company’s stock valued at $671,000 after purchasing an additional 310 shares during the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.81 and a current ratio of 4.22. The stock’s 50 day moving average price is $63.15 and its 200 day moving average price is $59.14. The company has a market capitalization of $10.74 billion, a P/E ratio of 141.60, a price-to-earnings-growth ratio of 4.50 and a beta of 1.48.

About Bio-Techne

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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.

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