Citigroup Lowers Bio-Techne (NASDAQ:TECH) Price Target to $70.00

Bio-Techne (NASDAQ:TECH) had its target price cut by stock analysts at Citigroup from $80.00 to $70.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price target would indicate a potential upside of 44.75% from the company’s previous close.

Several other research firms have also weighed in on TECH. Evercore set a $50.00 price objective on shares of Bio-Techne in a research note on Thursday. Benchmark restated a “buy” rating on shares of Bio-Techne in a research note on Tuesday, February 3rd. Robert W. Baird set a $49.00 price target on shares of Bio-Techne in a research note on Thursday. Wells Fargo & Company decreased their price target on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Weiss Ratings lowered shares of Bio-Techne from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.77.

Bio-Techne Stock Down 5.0%

Bio-Techne stock opened at $48.36 on Thursday. The firm has a market capitalization of $7.57 billion, a PE ratio of 70.09, a P/E/G ratio of 3.36 and a beta of 1.41. The company’s 50-day moving average is $54.41 and its 200-day moving average is $59.54. Bio-Techne has a fifty-two week low of $45.12 and a fifty-two week high of $72.16. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.08.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). The firm had revenue of $311.42 million for the quarter, compared to analyst estimates of $316.11 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 down 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.56 earnings per share. Sell-side analysts anticipate that Bio-Techne will post 1.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its holdings in Bio-Techne by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock valued at $62,379,000 after purchasing an additional 113,634 shares during the period. Woodline Partners LP boosted its holdings in Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock valued at $783,000 after purchasing an additional 3,814 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares during the period. First Trust Advisors LP boosted its holdings in Bio-Techne by 1,085.7% in the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after purchasing an additional 96,527 shares during the period. Finally, Natixis boosted its holdings in Bio-Techne by 82.6% in the 2nd quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock valued at $1,286,000 after purchasing an additional 11,306 shares during the period. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Company Profile

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.