Is Bio-Techne Stock Underperforming the Nasdaq?
Companies worth $2 billion or more are generally described as 'mid-cap stocks,' and TECH perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the biotechnology industry. TECH's commitment to innovation, strategic acquisitions, and global presence positions it for continued success. With a strong domestic foothold and international expansion opportunities, TECH is well-equipped to maintain its market share and drive growth.
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Despite its notable strength, TECH slipped 40.2% from its 52-week high of $83.62, achieved on Jul. 31, 2024. Over the past three months, TECH stock fell 18.1%, considerably underperforming the Nasdaq Composite's ($NASX) 9.5% gains during the same time frame.
In the longer term, shares of TECH dipped 30.6% on a YTD basis and fell 32.9% over the past 52 weeks, significantly underperforming NASX's YTD gains of 3.1% and 13.8% returns over the last year.
To confirm the bearish trend, TECH has been trading below its 200-day moving average since early February. However, the stock has been trading above its 50-day moving average since early June, with a minor fluctuation.
Bio-Techne faces headwinds from macroeconomic volatility, including rising raw materials and labor costs, as well as global tariffs impacting margins. The company is also experiencing industry-wide spending constraints, reduced customer projects, and extended sales cycles, particularly in China where its instrument business is struggling. Additionally, proposed NIH funding cuts have introduced uncertainty, although management believes the likelihood of such cuts is low.
On May 7, TECH shares closed up more than 2% after reporting its Q3 results. Its adjusted EPS of $0.56 beat Wall Street expectations of $0.51. The company's revenue was $316.2 million, surpassing Wall Street forecasts of $315.2 million.
In the competitive arena of biotechnology, Adaptive Biotechnologies Corporation (ADPT) has taken the lead over TECH, showing resilience with 77.7% gains on a YTD basis and 223.7% returns over the past 52 weeks.
Wall Street analysts are moderately bullish on TECH's prospects. The stock has a consensus 'Moderate Buy' rating from the 14 analysts covering it, and the mean price target of $66.17 suggests a potential upside of 32.3% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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