BIO-TECHNE (TECH) Lowered to “Hold” at BidaskClub
BidaskClub lowered shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a report issued on Thursday morning.
Several other equities research analysts have also recently commented on TECH. Deutsche Bank cut BIO-TECHNE from a buy rating to a hold rating and set a $165.00 price target for the company. in a report on Wednesday, June 27th. Leerink Swann set a $190.00 price target on BIO-TECHNE and gave the company an outperform rating in a report on Wednesday, August 8th. Robert W. Baird increased their price target on BIO-TECHNE from $162.00 to $191.00 and gave the company a positive rating in a report on Wednesday, August 8th. Craig Hallum increased their price target on BIO-TECHNE from $160.00 to $215.00 and gave the company a buy rating in a report on Wednesday, August 8th. Finally, Citigroup increased their price target on BIO-TECHNE from $160.00 to $205.00 and gave the company a buy rating in a report on Thursday, August 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $191.75.
Shares of NASDAQ:TECH traded down $4.79 during midday trading on Thursday, hitting $178.46. The company had a trading volume of 7,637 shares, compared to its average volume of 279,075. BIO-TECHNE has a twelve month low of $121.26 and a twelve month high of $206.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.93 and a current ratio of 5.01. The stock has a market cap of $6.91 billion, a PE ratio of 44.84, a P/E/G ratio of 3.10 and a beta of 0.87.
In other BIO-TECHNE news, Director John L. Higgins sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the sale, the director now owns 13,012 shares of the company’s stock, valued at $2,445,215.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles A. Dinarello sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $176.94, for a total value of $884,700.00. Following the sale, the director now directly owns 13,212 shares of the company’s stock, valued at approximately $2,337,731.28. The disclosure for this sale can be found here. 3.80% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of TECH. Summit Trail Advisors LLC boosted its position in shares of BIO-TECHNE by 13,323.2% during the first quarter. Summit Trail Advisors LLC now owns 100,137 shares of the biotechnology company’s stock worth $100,000 after buying an additional 99,391 shares during the period. Rockefeller Capital Management L.P. purchased a new position in shares of BIO-TECHNE during the second quarter worth $110,000. Bruderman Asset Management LLC purchased a new position in shares of BIO-TECHNE during the second quarter worth $113,000. Fort L.P. purchased a new position in shares of BIO-TECHNE during the second quarter worth $115,000. Finally, Contravisory Investment Management Inc. purchased a new position in shares of BIO-TECHNE during the second quarter worth $136,000. 93.98% of the stock is owned by institutional investors.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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