Granahan Investment Management LLC Makes New Investment in Neogen Corporation $NEOG

Granahan Investment Management LLC acquired a new position in shares of Neogen Corporation (NASDAQ:NEOG) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 250,026 shares of the company’s stock, valued at approximately $2,323,000. Granahan Investment Management LLC owned approximately 0.11% of Neogen at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. AQR Capital Management LLC lifted its position in Neogen by 217.0% in the first quarter. AQR Capital Management LLC now owns 52,410 shares of the company’s stock worth $443,000 after purchasing an additional 35,878 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Neogen by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company’s stock valued at $1,125,000 after buying an additional 5,638 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Neogen by 5,687.3% in the 1st quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company’s stock valued at $290,000 after buying an additional 32,816 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Neogen by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company’s stock valued at $14,553,000 after buying an additional 209,990 shares in the last quarter. Finally, United Services Automobile Association bought a new position in shares of Neogen during the 1st quarter worth about $112,000. 96.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NEOG. Weiss Ratings lowered shares of Neogen from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Neogen has an average rating of “Hold” and an average target price of $10.67.

Neogen Stock Down 2.2%

NEOG opened at $9.40 on Friday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -3.36, a PEG ratio of 4.21 and a beta of 1.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.84 and a current ratio of 3.92. The firm’s 50-day simple moving average is $9.28 and its 200-day simple moving average is $9.55. Neogen Corporation has a twelve month low of $4.56 and a twelve month high of $11.43.

Neogen Company Profile

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen’s product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.