Bio-Techne (NASDAQ:TECH) Shares Down 10.8% After Earnings Miss

Bio-Techne Corp (NASDAQ:TECH) fell 10.8% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $49.77 and last traded at $50.5320. 2,041,218 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 2,317,194 shares. The stock had previously closed at $56.68.

The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.08 million. Bio-Techne had a net margin of 6.67% and a return on equity of 13.94%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 EPS.

Analysts Set New Price Targets

TECH has been the topic of several research analyst reports. Robert W. Baird set a $70.00 target price on shares of Bio-Techne in a research note on Thursday, February 5th. Zacks Research upgraded shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Benchmark reiterated a “buy” rating on shares of Bio-Techne in a report on Tuesday, February 3rd. Citigroup restated a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Bio-Techne in a report on Wednesday, February 4th. Finally, Evercore boosted their price target on shares of Bio-Techne from $62.00 to $68.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.77.

Institutional Investors Weigh In On Bio-Techne

A number of institutional investors have recently made changes to their positions in TECH. Angeles Wealth Management LLC boosted its holdings in shares of Bio-Techne by 8.4% during the 1st quarter. Angeles Wealth Management LLC now owns 7,080 shares of the biotechnology company’s stock valued at $370,000 after acquiring an additional 550 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Bio-Techne by 2,020.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 146,266 shares of the biotechnology company’s stock worth $7,822,000 after buying an additional 139,367 shares during the last quarter. Wealthfront Advisers LLC boosted its holdings in shares of Bio-Techne by 8.5% in the first quarter. Wealthfront Advisers LLC now owns 4,960 shares of the biotechnology company’s stock worth $259,000 after buying an additional 388 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Bio-Techne by 2.8% in the first quarter. Sanctuary Advisors LLC now owns 11,012 shares of the biotechnology company’s stock worth $576,000 after buying an additional 299 shares during the last quarter. Finally, Bryn Mawr Trust Advisors LLC raised its stake in Bio-Techne by 5.1% during the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company’s stock worth $208,000 after acquiring an additional 194 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

The company has a market cap of $7.92 billion, a P/E ratio of 99.38, a PEG ratio of 3.60 and a beta of 1.41. The business’s 50 day simple moving average is $54.70 and its 200 day simple moving average is $59.71. The company has a current ratio of 4.54, a quick ratio of 3.08 and a debt-to-equity ratio of 0.13.

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.