Neogen (NASDAQ:NEOG) Stock Price Down 2.7% Following Analyst Downgrade

Neogen Co. (NASDAQ:NEOG - Get Free Report)'s share price dropped 2.7% during trading on Tuesday after Piper Sandler lowered their price target on the stock from $6.40 to $5.00. Piper Sandler currently has a neutral rating on the stock. Neogen traded as low as $4.58 and last traded at $4.57. Approximately 628,116 shares traded hands during trading, a decline of 76% from the average daily volume of 2,671,546 shares. The stock had previously closed at $4.69.

Separately, Guggenheim cut their price objective on Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a report on Thursday, April 10th.

Insider Activity at Neogen

In other news, Director James C. Borel acquired 35,000 shares of Neogen stock in a transaction dated Thursday, April 24th. The stock was bought at an average cost of $4.89 per share, with a total value of $171,150.00. Following the completion of the transaction, the director now directly owns 60,474 shares of the company's stock, valued at approximately $295,717.86. This represents a 137.39 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James P. Tobin bought 10,000 shares of the business's stock in a transaction on Tuesday, April 22nd. The stock was purchased at an average price of $4.73 per share, for a total transaction of $47,300.00. Following the purchase, the director now directly owns 37,474 shares in the company, valued at approximately $177,252.02. This represents a 36.40 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 67,500 shares of company stock valued at $331,525. 1.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbour Investments Inc. acquired a new stake in shares of Neogen in the fourth quarter valued at about $27,000. Versant Capital Management Inc boosted its holdings in shares of Neogen by 1,495.4% in the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after buying an additional 2,931 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Neogen by 196.7% in the fourth quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock valued at $41,000 after buying an additional 2,233 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Neogen during the fourth quarter worth $43,000. Finally, Covestor Ltd raised its position in Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after acquiring an additional 1,202 shares in the last quarter. 96.73% of the stock is owned by institutional investors.

Neogen Trading Down 0.8 %

The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The business's 50 day simple moving average is $8.00 and its 200 day simple moving average is $11.22. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -2.36 and a beta of 1.57.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $221.00 million during the quarter, compared to the consensus estimate of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. Neogen's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. On average, research analysts expect that Neogen Co. will post 0.38 EPS for the current fiscal year.

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.