Techne Corp. stock rose sharply Monday after it beat Wall Street’s third-quarter earnings estimates by 5 cents a share.
Unaudited adjusted earnings were 94 cents a share, compared with the 89 cents Wall Street expected. Revenue rose 18 percent to $95.6 million, 3 percent higher than the $92.5 million analysts had expected. Net earnings were $31.6 million, or 85 cents a share.
The company’s stock closed at $90.84 a share, up $6.96, or 8.3 percent. The Minneapolis biotech firm now does business under the name Bio-Techne, but the stock is still formally known as Techne.
Bio-Techne develops proteins, antibodies and other products for biomedical researchers and clinical research laboratories. This month it announced acquisition of Chinese firm Shanghai PrimeGene Bio-Tech Co., which develops recombinant proteins for research and diagnostic uses.