Neogen (NASDAQ:NEOG) Shares Down 3.8% - Time to Sell?

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s stock price dropped 3.8% during trading on Monday . The company traded as low as $5.20 and last traded at $5.19. Approximately 230,173 shares were traded 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 Analyst Weigh In

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

Neogen Stock Performance

The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -2.21 and a beta of 1.77. The company has a quick ratio of 2.45, a current ratio of 3.91 and a debt-to-equity ratio of 0.33. The stock's 50-day simple moving average is $5.57 and its 200 day simple moving average is $7.90.

Insider Activity at Neogen

In related news, Director James C. Borel bought 35,000 shares of the company's stock in a transaction on 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 purchase, the director owned 60,474 shares in the company, valued at approximately $295,717.86. The trade was a 137.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James P. Tobin purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were acquired at an average cost of $4.73 per share, with a total value of $47,300.00. Following the completion of the purchase, the director owned 37,474 shares of the company's stock, valued at $177,252.02. The trade was a 36.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 73,500 shares of company stock valued at $380,825. Insiders own 1.13% of the company's stock.

Institutional Investors Weigh In On Neogen

A number of institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd increased its stake in Neogen by 41.4% in the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after purchasing an additional 1,202 shares in the last quarter. CHICAGO TRUST Co NA increased its position in shares of Neogen by 19.1% during the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company's stock worth $108,000 after acquiring an additional 2,000 shares in the last quarter. Ascent Group LLC increased its position in shares of Neogen by 17.8% during the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company's stock worth $174,000 after acquiring an additional 2,165 shares in the last quarter. Harbour Investments Inc. bought a new stake in shares of Neogen during the fourth quarter worth $27,000. Finally, Commonwealth Equity Services LLC increased its position in shares of Neogen by 6.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 39,263 shares of the company's stock worth $477,000 after acquiring an additional 2,267 shares in the last quarter. 96.73% of the stock is owned by institutional investors.

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.