Bio-Techne (NASDAQ:TECH) Lowered to “Hold” Rating by Leerink Partners

Bio-Techne (NASDAQ:TECH) was downgraded by research analysts at Leerink Partners from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

A number of other research firms also recently weighed in on TECH. Citigroup dropped their price target on shares of Bio-Techne from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Zacks Research downgraded Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Weiss Ratings raised Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, May 7th. TD Cowen reaffirmed a “buy” rating on shares of Bio-Techne in a research note on Tuesday. Finally, Robert W. Baird set a $49.00 price target on Bio-Techne in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.79.

Bio-Techne Stock Up 20.1%

TECH opened at $70.70 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The company has a market capitalization of $11.07 billion, a PE ratio of 102.47, a P/E/G ratio of 5.67 and a beta of 1.37. The stock’s fifty day moving average is $52.70 and its 200-day moving average is $56.99. Bio-Techne has a one year low of $43.19 and a one year high of $72.16.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.Bio-Techne’s revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.56 earnings per share. On average, equities analysts predict that Bio-Techne will post 1.66 EPS for the current fiscal year.

Institutional Trading of Bio-Techne

Large investors have recently modified their holdings of the company. Asset Management One Co. Ltd. grew its stake in Bio-Techne by 2.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company’s stock valued at $341,000 after buying an additional 153 shares during the last quarter. Accredited Investors Inc. boosted its holdings in Bio-Techne by 2.7% during the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company’s stock valued at $356,000 after acquiring an additional 161 shares during the period. Allworth Financial LP boosted its holdings in Bio-Techne by 28.4% during the third quarter. Allworth Financial LP now owns 786 shares of the biotechnology company’s stock valued at $44,000 after acquiring an additional 174 shares during the period. Oppenheimer & Co. Inc. grew its position in shares of Bio-Techne by 3.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company’s stock valued at $315,000 after purchasing an additional 181 shares during the last quarter. Finally, Angeles Wealth Management LLC increased its stake in shares of Bio-Techne by 3.4% in the third quarter. Angeles Wealth Management LLC now owns 5,703 shares of the biotechnology company’s stock worth $317,000 after purchasing an additional 189 shares during the period. 98.95% of the stock is owned by institutional investors.

Key Bio-Techne News

Here are the key news stories impacting Bio-Techne this week:

• Positive Sentiment: Merck KGaA agreed to buy Bio-Techne for $73 per share in cash, giving shareholders a clear exit value and likely driving the stock toward the deal price. Merck KGaA, Darmstadt, Germany, Agrees to Acquire Bio-Techne
• Positive Sentiment: The offer represents a sizable premium to Bio-Techne’s recent share price, which typically boosts takeover-target stocks as investors price in deal completion. Germany’s Merck to buy Bio-Techne for $73 per share
• Neutral Sentiment: Multiple law firms announced shareholder investigations into whether Bio-Techne’s board secured a fair price, which could create legal noise but does not change the announced deal terms. Shareholder Alert: Ademi LLP investigates whether Bio-Techne Corporation is obtaining a Fair Price for Public Shareholders
• Neutral Sentiment: Reported short-interest data showed no meaningful short position, so the move appears driven more by the takeover announcement than by short covering. Bio-Techne Surges on $73-Per-Share Cash Takeover Agreement

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.