Bio-Techne (NASDAQ:TECH) Downgraded by Argus to Strong Sell

Bio-Techne (NASDAQ:TECH) was downgraded by equities researchers at Argus from a “strong-buy” rating to a “strong sell” rating in a research note issued to investors on Monday, Zacks reports.

A number of other research analysts have also commented on TECH. Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $62.00 to $73.00 in a research report on Thursday, August 13th. Weiss Ratings raised Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $62.00 to $73.00 in a research note on Thursday, July 9th. Finally, TD Cowen cut Bio-Techne from a “buy” rating to a “hold” rating and raised their price target for the company from $65.00 to $73.00 in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $68.92.

Bio-Techne Trading Down 0.1%

Shares of TECH stock opened at $72.60 on Monday. The stock has a 50 day moving average of $72.43 and a two-hundred day moving average of $63.17. Bio-Techne has a 12 month low of $43.19 and a 12 month high of $72.75.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. The company had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 EPS. On average, equities analysts anticipate that Bio-Techne will post 1.70 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TECH. BlackRock Inc. acquired a new position in shares of Bio-Techne in the second quarter valued at approximately $990,924,000. HBK Investments L P acquired a new position in shares of Bio-Techne during the 2nd quarter worth approximately $482,186,000. Maverick Capital Ltd. increased its holdings in shares of Bio-Techne by 23.1% during the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after purchasing an additional 888,798 shares during the period. Ruane Cunniff & Goldfarb L.P. increased its holdings in shares of Bio-Techne by 131.4% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock worth $177,266,000 after purchasing an additional 1,926,066 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Bio-Techne by 10.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,973,136 shares of the biotechnology company’s stock worth $103,118,000 after purchasing an additional 178,843 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Company Profile

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.