Neogen (NASDAQ:NEOG) Trading Down 3.8% – What’s Next?

Neogen Corporation (NASDAQ:NEOG) dropped 3.8% during mid-day trading on Monday . The stock traded as low as $5.20 and last traded at $5.19. Approximately 230,173 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 3,581,502 shares. The stock had previously closed at $5.39.

Wall Street Analysts Forecast Growth

NEOG has been the topic of a number of research analyst reports. Piper Sandler cut their price target on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, April 22nd. Guggenheim decreased their price target on Neogen from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, June 30th.

Neogen Stock Performance

The stock has a market cap of $1.12 billion, a PE ratio of -2.32 and a beta of 1.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45. The business has a 50 day moving average price of $5.61 and a two-hundred day moving average price of $8.00.

Insiders Place Their Bets

In other Neogen news, Director James P. Tobin bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was bought at an average price of $4.73 per share, for a total transaction of $47,300.00. Following the completion of the acquisition, the director directly owned 37,474 shares in the company, valued at $177,252.02. The trade was a 36.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Aashima Gupta bought 16,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average price of $6.25 per share, with a total value of $100,000.00. Following the acquisition, the director owned 21,917 shares of the company’s stock, valued at $136,981.25. This represents a 270.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 73,500 shares of company stock worth $380,825 in the last ninety days. Insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Neogen

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Neogen by 8.8% during the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company’s stock valued at $204,180,000 after acquiring an additional 1,912,877 shares in the last quarter. Norges Bank bought a new position in shares of Neogen during the fourth quarter valued at $212,171,000. William Blair Investment Management LLC increased its holdings in shares of Neogen by 8.1% during the fourth quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company’s stock valued at $174,170,000 after acquiring an additional 1,074,825 shares in the last quarter. Gates Capital Management Inc. purchased a new stake in shares of Neogen during the first quarter valued at $79,391,000. Finally, Conestoga Capital Advisors LLC boosted its position in shares of Neogen by 0.4% during the first quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company’s stock valued at $74,049,000 after buying an additional 37,271 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.