Bio-Techne Corporation (TECH): A Bull Case Theory
We came across a bullish thesis on Bio-Techne Corporation (TECH) on scuttleblurb's Substack. In this article, we will summarize the bulls' thesis on TECH. Bio-Techne Corporation (TECH)'s share was trading at $47.93 as of 28th May. TECH's trailing and forward P/E were 57.75 and 22.03 respectively according to Yahoo Finance.
A close-up of a biotechnology machine working on an oncology therapy.
Bio-Techne has built a diverse and complex business centered on its strong legacy in recombinant proteins, expanding downstream into antibodies, assays, and instrument platforms, while also moving into cell and gene therapy (CGT) solutions. Its revenue is split roughly between Protein Sciences and Diagnostics, which are closely linked—diagnostics identify disease biomarkers that then become therapeutic targets developed using Bio-Techne's proteins and antibodies. Despite about 20 acquisitions over the past decade, its core legacy products still contribute 56% of total revenue, with the remainder coming from faster-growing, less penetrated markets.
Around half of Bio-Techne's revenue comes from commercial R&D, now dominated by smaller, venture-funded biotechs rather than big pharma, making this segment more cyclical. Academia accounts for another 20%, a price-sensitive group vulnerable to budget swings. The company is gaining ground in GMP protein production for clinical and commercial use, a highly regulated and lucrative niche, though it trails established leaders like Miltenyi and Cellgenix. Bio-Techne has also expanded into proteomics and spatial biology through acquisitions.
While the company once forecasted nearly $2 billion in revenue by 2026, growth slowed due to several factors: COVID-related demand spikes followed by inventory destocking, a 20-30% revenue decline in China, fading COVID testing tailwinds, and cautious FDA oversight of CGTs that hurt growth expectations. Despite these setbacks causing a nearly 50% stock price decline, recent signs point to recovery with organic growth rebounding to 9% and instrument sales improving. Bio-Techne's broad strategy reflects its efforts to protect core franchises while expanding into new growth areas, including becoming an instrument provider to capture more downstream value.
Bio-Techne Corporation (TECH) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held TECH at the end of the first quarter which was 24 in the previous quarter. While we acknowledge the risk and potential of TECH as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TECH but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
Disclosure: None. This article was originally published at Insider Monkey.
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Chicago Tribune
an hour ago
- Chicago Tribune
Chicago arts commissioner touts increased grants for artists, defends against criticism
As Chicago's Department of Cultural Affairs and Special Events gears up for another highlight-packed summer, its leader is laying out her vision for the city's arts community as she responds to criticism that has been simmering since she took office. A contentious exhibition, staff complaints and public flak from some arts leaders have tailed DCASE Commissioner Clinée Hedspeth since her March 2024 appointment by Mayor Brandon Johnson. Addressing the controversies in an interview with the Tribune for the first time, Hedspeth said she has reflected, but pushed back against much of it as unfounded. 'I think I did walk into a hostile situation,' she said. Meanwhile, Hedspeth is doubling down on a top focus to get artists more money. The department has earmarked an extra $500,000 for grants to artists, in addition to the $7 million allocated by the City Council last fall, she said. 'As much as we talk about water services, as much as we talk about infrastructure, this is the same. This is on par,' Hedspeth said of direct payments to artists and small arts organizations. 'This is vital. This is a service to be able to provide people with funding to create and capture who we are as a city.' Hedspeth is proud of having secured the extra money, given Chicago's thorny fiscal outlook. Johnson and the City Council budgeted $7 million for the grants, $1 million more than the year before, but less than the $10 million allocated in former Mayor Lori Lightfoot's 2023 budget, when the city's coffers were bolstered by a massive influx of federal COVID-19 funding. But she says the fund is far larger than pre-pandemic spending on such payments. Because it comes from the city, it is also now more stable, despite the fact federal support is becoming increasingly unreliable. Hedspeth pointed to the Great Depression-era Works Progress Administration as inspiration for her vision to increasingly pay artists directly and praised the federal government's pandemic stimulus spending on arts. 'It was not even enough then, but it was more than what we usually do,' she said, adding she believes the business community should 'absolutely be providing support too in a different way.' 'The goal is always to increase funding, sustainable funding, always.' To tack on the additional $500,000, Hedspeth found 'basic' cuts, such as using city services in place of outside contractors, but said she has not cut at what might be the department's crown gem: its always ambitious summer schedule, headlined by events, including Taste of Chicago, the Air and Water Show and, next week, the Chicago Blues Festival. As the new commissioner has zeroed in on a vision for her department, she has also faced a range of controversies and criticism in recent months. DCASE employees have submitted five formal complaints to the city's Inspector General's Office and Department of Human Resources accusing the commissioner of unfair treatment obtained by the Tribune via records request. Meanwhile, over 20 employees have left the department since Hedspeth's appointment, though the department's headcount has recently risen to levels near where it was when she took office. Hedspeth was summoned to the City Council for a tense hearing in January regarding a pro-Palestinian protest puppet displayed in a broader puppet exhibit at the Chicago Cultural Center, where she defended free expression and the process for selecting art against some aldermen who called the piece offensive and wanted it removed. And some arts industry leaders have publicly criticized the commissioner, arguing she has left a void in Chicago's arts community by not meeting with them and effectively communicating her plans. In April, the group Artists for Chicago sent a letter to Johnson signed by more than 200 arts and culture workers further faulting Hedspeth's leadership. Johnson has defended Hedspeth, his longtime friend. In April, he said he would 'take the feedback seriously' when asked about the letter. 'You know, look, there's a lot more engagement in government these days, and I welcome that,' Johnson said. 'Arts are incredibly important to me.' Asked about the criticism, Hedspeth pinned the hostility she has encountered in part on miscommunication that arose as she took office. She defended herself against most of the pushback and said she has discussed it with others. 'I reflect on, 'Oh, is there something there?'' she said. 'I would say, almost 85% of it, I'm like, 'No.'' She declined to discuss specific allegations made in the several formal employee complaints. They include accusations she cursed out employees in public, sought a retaliatory 'witch hunt' against mayoral critics and micromanaged the office. Human Resources staff determined investigations into each complaint should not go forward because of the absence of violations in protected categories and speculative allegations. 'But I will say,' Hedspeth said. 'I do wear a lot of black, but I am not a witch.' 'There's going to be complaints in any kind of organization,' she said. 'I value all of the staff. I think we are all human, we are all going to make mistakes. I also think there should be some accountability when we are not being responsible.' The commissioner said that she is 'happy to meet' with arts leaders and others in response to criticism that she is unresponsive, but added that some have been unwilling to meet with her, especially when she started the job. The cold reception she said she got may well have been a sign of the popularity of her predecessor, Erin Harkey, now CEO of the D.C. nonprofit Americans for the Arts, who was fired by Johnson. Hedspeth described her treatment since taking office as 'very political,' and in part a product of pre-existing employee frustrations in addition to miscommunication. 'I walked in without even a transition document,' she said. 'I've reached out to people, and they weren't interested in talking to me.' She also said a 'number of people' who signed the Artists for Chicago letter told her the published version appeared different than what they signed and cast doubt on the connections of some signees to the arts industry. A spokesperson for the group, who asked to remain anonymous, denied the letter changed as people signed it and criticized Hedspeth for discrediting the critical letter instead of addressing the issues it raised. Claims the department has not made payments to artists and organizations in a timely manner or that she is unresponsive are 'just not true,' Hedspeth said, adding that the arts community is understandably angry and anxious about funding amid federal pullback. Some arts leaders have called for Hedspeth to share how she will fight President Donald Trump's budget cuts. Her department has appealed the National Endowment for the Arts' decision to terminate grants awarded to the city. One lesson learned from the recent controversies is that she must be 'a little bit more forceful in getting support' from connections in the arts and government spaces she has worked in, Hedspeth said. 'I've learned to bring in my network more. I've learned to continue to talk directly with people, regardless of others saying maybe that might not be a good idea. Being OK with that I won't be perfect at everything, I've learned that, and managing expectations with interest groups,' she said. 'And I think bringing people in, just critics in general, to have a direct conversation and say, 'OK, this is the problem that you see, what are your some of your thoughts?'' In the last decade, Hedspeth led curation at the DuSable Black History Museum, then worked as Johnson's legislative director at the Cook County Board of Commissioners before becoming a Phillips Auctioneers specialist. At the city, she has found government can be frustratingly slow, but the gig is a 'deep honor' that allows her to combine experiences in policy, museums and commercial art, she said. 'I get to build off of work that was already done, good work, and serve the city and serve artists that I know have not been at the table or been in the room and aren't part of the larger conversation,' said Hedspeth, who was raised by art collector parents in Seattle and collects rare books herself. While Hedspeth said she wants to build upon long-running and beloved DCASE efforts such as summer programming, she also wants to build new efforts in the department. 'There's a lot more ideas on the table,' she said. The increased grants for artists and small organization should come with greater 'giveback,' including longer-term relationships and more support from the city to connect artists with everything from collectors to lawyers to bolster their careers, she said. And she hopes to make sure that funding goes to a greater variety of artists and groups. That includes 'ensuring the large organizations understand, this partnership looks good, but it can look even better. And maybe you need to not take funding and utilize it for operational purposes, maybe it should actually go out directly to the artist,' she said. Speeding up the department's processes is another top goal, the commissioner said. She touted a push to quickly install art at Midway International Airport and efforts to waive fees for smaller organizations at the Chicago Cultural Center as bids to cut 'red tape' and bring the arts to more Chicagoans. Hedspeth also highlighted a new effort to have staff visit places such as ward offices and parks to help Chicagoans speed through paperwork, including grant applications. She similarly wants to streamline the film permit process to help foster the city's revenue-winning filming economy, echoing long-heralded hopes also aired by Gov. JB Pritzker. The goal on film is 'making sure we are not competing with Toronto, we should be the place,' she said. Hedspeth's film office appears to have been leaderless since December, when its head, Jonah Zeiger, left the job. He was in part tasked with recruiting films, shows and commercials to work in the city. She is also leading an effort to digitize the city's art collection and is 'leaning in on' sister agencies, such as Choose Chicago, to make sure taxpayers are getting more 'robust' offerings, she said.
USA Today
2 hours ago
- USA Today
Caitlin Clark's quads, Trump-Musk bromance and 'Duck Dynasty': Your week in review
USA TODAY RFK Jr. changes COVID-19 vaccine protocols COVID-19 vaccines will no longer be part of the Centers for Disease Control and Prevention's recommended immunization schedule for healthy children and pregnant women, Health and Human Services Secretary Robert F. Kennedy Jr. announced. National Institutes of Health Director Jay Bhattacharya, joining Kennedy for the announcement posted in a video on X, called the change 'common sense and good science." Traditionally, immunization guidance is voted on by a CDC advisory committee; then the CDC director makes the final call. The CDC panel has not voted on Kennedy's change. Can Trump and Musk agree to disagree? Could there be some cooling in the Trump-Musk bromance? The president's crusade to pass his "big, beautiful" tax and spending bill through Congress took some flak from his former right-hand man, who said he was "disappointed" with the cost of the bill and complained that it "undermines the work the DOGE team is doing." (Musk has also criticized Trump's tariffs.) Asked about Musk's remarks on the spending bill, Trump cited politics: "I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it. … It's got a way to go." At least one break is official, however: Musk's turbulent 130-day run as a "special government employee" is now over. Southwest's free-checked-bag era comes to a close It's the end of the line for free checked bags on Southwest. For the first time, the airline is now charging for the service: $35 for a first checked bag and $45 for a second bag (overweight and oversized baggage costs more). Tickets booked or changed on or before May 28 don't apply, and for some customers, new fare categories and membership perks will still earn them free checked bags. The new fees are the latest major change for Dallas-based Southwest, including a farewell to its open seating policy of more than 50 years. In a news release, the airline acknowledged that "preferences have evolved." 'Duck Dynasty' guru Phil Robertson dies Phil Robertson, the bushy-bearded and plainspoken patriarch of the colorful Louisiana family featured on A&E Network's 'Duck Dynasty," has died. He was 79 and had battled Alzheimer's disease and other health problems, his family said. His family-run hunting products business, Duck Commander, was the epicenter of "Duck Dynasty," which ran from 2012 to 2017 on the back of the clan's three core tenets: "faith, family and ducks.' The duck call will not go silent, however; a spinoff, "Duck Dynasty: The Revival," premieres June 1. Caitlin Clark is hurting, and so is the WNBA Call it the Caitlin Clark effect − in reverse. The Indiana Fever's star guard is out for at least two weeks after she strained her left quad in a loss to the New York Liberty, which meant she would be sidelined for at least the next four games. The WNBA is feeling the pain, too: Ticket prices have plunged since news of Clark's injury. It's especially disappointing for the Fever's road game June 7 against the Chicago Sky − the latest Clark vs. Angel Reese clash − which had been moved to the 23,000-plus-seat United Center to meet demand for tickets. − Compiled by Robert Abitbol, USA TODAY copy chief
USA Today
2 hours ago
- USA Today
Long-term unemployment hits 2-year high as hiring slows amid economic uncertainty
When Jessica Chibuzor-Muko graduated from college a year ago, she figured her degree in cybersecurity – one of the hottest fields – would serve as a ticket to a near-certain job at a good salary. Then she ran into the brick wall known as the 2025 U.S. job market. After more than 3,000 applications, five interviews and zero job offers, her excitement has congealed into something closer to a beaten-down stupor. 'After your get your first 50 rejections, you're running to your mom crying,' says Chibuzor-Muko, who is 22 and lives in Denton, Texas. 'Eventually, you become very numb to it.' Recently, she took a break from the job hunt, got a part-time position as a nurse's notetaker and is considering a new career path – medicine. Need a break? Play the USA TODAY Daily Crossword Puzzle. 'I've always wanted to get a master's,' she said. 'Maybe I should look at medical school.' Chibuzor-Muko is among the 1.7 million Americans who have been out of work six months or longer – the most in more than two years – classifying them as long-term unemployed, the Labor Department's April jobs report showed. Their growing ranks defy the common perception that the job market remains healthy despite the uncertainty spawned by President Donald Trump's sweeping import tariffs. The long-term jobless now make up nearly a quarter of all unemployed workers. That's well below their 45% share during the depths of the Great Recession in 2010 and 43% during the COVID downturn in 2021. But it also marks a two-year high and exceeds the 20% of unemployed workers they comprised in early 2020 just before the health crisis. Economists say that's a concern because long spells of unemployment can affect the course of workers' careers, especially for recent college graduates and other new entrants to the labor market. 'I definitely think there's a stigma to being unemployed for long periods,' said Brad Hershbein, senior economist at the W.E. Upjohn Institute for Employment Research. Is the job market good or bad now? It's unusual for so many people to be out of work so long in a seemingly sturdy labor market. Job growth averaged a robust 181,000 in March and April and the unemployment rate is a historically low 4.2%. Friday, Labor is expected to report a solid 150,000 job gains for May, according to estimates by Barclays and Capital Economics. But forecasters largely attribute the rosy figures to business' continued reluctance to lay off workers following pandemic-related labor shortages from 2021 to 2023. Initial claims for unemployment benefits, a reliable gauge of layoffs, unexpectedly surged the week ending May 24 but remain historically low. What is going on with hiring right now? At the same time, companies have pulled back hiring. That trend began more than a year ago as sharp employee pay increases and high interest rates combined with flattening consumer demand to squeeze firms' profits. It intensified this year as Trump's tariffs threatened to reignite inflation, further narrow corporate profit margins and possibly trigger a recession in the months ahead. 'The economy was going to slow regardless' after a post-COVID-19 burst of demand, Hershbein said. "(Tariffs) made the problem worse.' The 5.4 million U.S. hires in March was down from a peak of 6.8 million in November 2021 and 5.8 million in late 2019 before the pandemic. The upshot: While not many people are losing jobs, those who do are struggling to find new roles as they join a slowly widening river of unemployed job seekers who are vying against each other and employed Americans for a limited stock of vacancies. 'Getting back into employment after you've been unemployed is getting increasingly difficult,' said economist Dante DeAntonio of Moody's Analytics. In May, the average number of applications job hunters submitted on LinkedIn was 45% higher than the year ago figure, the networking site says. While companies are replacing employees who leave, 'they're not necessarily adding staff,' said Brandi Britton, an executive director at Robert Half, a recruiting firm. 'Employers are definitely proceeding with caution' amid the uncertainty sparked by trade conflicts. How is the job market for college grads? Unemployed job seekers broadly are paying the price but the hiring chill is especially affecting new entrants to the labor force as well as workers returning after leaving to care for a child or other reasons, Hershbein said. So far this year, the number of 20 to 24-year-olds who are long-term unemployed is up 32% compared to the same period in 2019, versus a 19% rise for similarly idled workers of all ages, Labor Department figures show. During a period of limited hiring and pervasive uncertainty, 'You want people with a track record,' Hershbein said, describing the view of many employers. 'It's just a lot of silence' Chibuzor-Muko, the May 2024 graduate, said she frequently responds to job ads seeking entry-level candidates but companies later reveal they prefer that applicants have three to five years of experience. 'What really is entry level?' she asked. 'I just graduated.' Britton, of Robert Half, said many businesses 'want someone with work experience at an entry-level salary' as they try to conserve cash and minimize risk. And because of the cooling labor market, they generally can get what they want, she said, advising job candidates to 'be adaptive and flexible' and drop demands to work remotely or hybrid if necessary. After she graduated, Chibuzor-Muko said she applied to cybersecurity jobs 'every single day, the second I woke up….I treated it as my job.' But after several months of rejections, her enthusiasm waned, she said, adding she didn't get responses from most employers. This year, Chibuzor-Muko has taken classes online in the hope of qualifying for the more plentiful crop of openings for data analysts. She snared two interviews but no offers. What are the side effects of long-term unemployment? Long-term unemployment can become a self-perpetuating cycle even for experienced workers, Hershbein said, noting some companies believe the skills of long-sidelined job seekers may dull. The dilemma, he said, is amplified for recent graduates who may take the first offer they receive and find themselves overqualified for the job. 'It can have a long-term impact on the money you're able to earn and the companies you're able to work for,' he said. DeAntonio downplayed the concern, saying that while that was a big worry during the Great Recession, today's job market is more resilient and should pick up swiftly after tariff-related uncertainty fades. 'I'd think some of those negative effects will be minimized,' he said. Experienced jobless workers, meanwhile, are also struggling. In mid-May, 1.9 million Americans received ongoing unemployment benefits – indicating they had been laid off – the most since November 2021. 'I had no idea it would take this long' When Kiersten Ortiz-Cole of Houston lost her marketing job at a recruiting agency last August, she figured she would land a new position within a couple of months. Although her firm was chopping workers, its clients were still spending money, seemingly reflecting a stable economy and labor market. 'I had no idea it would take this long,' said Ortiz-Cole, 37, who has nearly a decade of marketing experience. At first, Ortiz-Cole sent out five to 10 applications a week, tailoring each to the relevant employer. But she found that companies were being especially selective, requiring candidates not only to have a marketing background but experience in that company's industry. She also has been frustrated by the job market's seasonal ebbs and flows, Last fall, many businesses dragged their feet on hiring because of uncertainty related to the presidential election and then because of the holidays. Employer interest picked up in January and February but then slowed again in March due to Trump's tariffs. 'It's just been a rollercoaster,' she said. Early this year, she decided to focus more on burnishing her skills through online marketing courses, connecting with people she knows on LinkedIn and attending networking events for marketing professionals. But the latter strategy fizzled when most of the attendees turned out to be unemployed themselves. They 'were in the same boat as I was,' she said. Ortiz-Cole has notched seven or eight interviews and twice made it to the third round. But one hiring manager told her he still had 600 resumes to review. And when job postings pop up on LinkedIn, they often draw about 100 applications within a couple of hours, she said. 'It's extremely discouraging and deflating because you don't have any control,' she said. In January, she began several rounds of interviews with a company over three months, feeling confident it would culminate in a job offer. But a candidate who was already working got the position. 'That was my low point,' she said. 'Living day by day' Ortiz-Cole's unemployment benefits have long run out. She and her husband, who is employed, were already 'living paycheck to paycheck' before her layoff to afford their mortgage and daycare for their 5-year-old son, she said. She has increasingly excised small pleasures from her life: streaming services, ordering dinner deliveries a few times a week, clothes shopping and a morning coffee from a local shop. She burned through most of her 401(k) money to pay off a car loan and maxed out her credit cards. 'We're constantly having conversations,' she said. 'We're living day by day and prepared to make whatever necessary cuts we have to make.' She said she's cautiously optimistic hiring will perk up soon but employers don't seem to have any clearer picture. As recently as early April, myHR Partner, a human resources consulting firm, planned to add nine employees to its staff of 41, said Tina Hamilton, who owns the Bethlehem, Pennsylvania-based company. But after Trump announced global reciprocal tariffs on April 2, demand for her hiring services plunged 50%, she said. While revenue from its payroll, employee relations and other HR services is up this year, its overall sales are flat because of the hiring pullback, prompting Hamilton to scale back her own hiring plans. She's looking to add just one or two employees in 2025. 'It happened almost suddenly,' she said. The trade war, meanwhile, has been in near-constant flux. This week, an international trade court struck down most of Trump's reciprocal fees but they remain in place while officials appeal the ruling. And Trump could adopt other legal strategies to impose tariffs, experts say. 'Nobody knows what to believe,' Hamilton said. 'Everyone's delaying… everyone's waiting.'
