Bio-Techne (NASDAQ:TECH) Price Target Raised to $88.00

Bio-Techne (NASDAQ:TECH - Get Free Report) had its price target boosted by research analysts at Scotiabank from $83.00 to $88.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's target price would suggest a potential upside of 18.31% from the company's previous close.

A number of other research firms also recently issued reports on TECH. Benchmark reissued a "buy" rating and issued a $95.00 price target on shares of Bio-Techne in a research note on Tuesday, August 13th. Robert W. Baird increased their price target on shares of Bio-Techne from $82.00 to $84.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Royal Bank of Canada dropped their price target on shares of Bio-Techne from $72.00 to $70.00 and set a "sector perform" rating for the company in a research note on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $81.60.

Bio-Techne Price Performance

TECH traded down $1.64 during midday trading on Thursday, hitting $74.38. 620,610 shares of the company traded hands, compared to its average volume of 1,017,792. The company has a current ratio of 3.87, a quick ratio of 2.75 and a debt-to-equity ratio of 0.15. Bio-Techne has a 52-week low of $51.79 and a 52-week high of $85.57. The company has a market capitalization of $11.72 billion, a price-to-earnings ratio of 59.03, a PEG ratio of 4.96 and a beta of 1.27. The business has a 50 day simple moving average of $73.64 and a two-hundred day simple moving average of $74.54.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.49. Bio-Techne had a net margin of 14.50% and a return on equity of 12.88%. The firm had revenue of $306.10 million during the quarter, compared to analyst estimates of $306.49 million. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Bio-Techne's quarterly revenue was up 1.6% on a year-over-year basis. On average, equities analysts forecast that Bio-Techne will post 1.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new position in shares of Bio-Techne in the 2nd quarter worth about $25,000. Brown Brothers Harriman & Co. grew its holdings in Bio-Techne by 922.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company's stock worth $29,000 after buying an additional 369 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $31,000. DT Investment Partners LLC purchased a new position in shares of Bio-Techne in the second quarter worth approximately $36,000. Finally, Versant Capital Management Inc raised its position in Bio-Techne by 1,427.8% during the second quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company's stock valued at $39,000 after acquiring an additional 514 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.

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