Neogen (NASDAQ:NEOG) Shares Gap Up - What's Next?

Key Points

• Neogen Corporation's share price gapped up from $5.82 to $6.60 before trading at $6.74, with a strong volume of over 1.7 million shares traded.
• Wall Street analysts have mixed opinions on Neogen, offering ratings that range from "buy" to "sell," with a consensus rating of "Hold" and an average price target of $8.33.
• Institutional investors hold 96.73% of Neogen's stock, indicating significant interest and investment from major financial players.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $5.82, but opened at $6.60. Neogen shares last traded at $6.74, with a volume of 1,717,977 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Neogen in a report on Wednesday. Guggenheim decreased their price objective on shares of Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, June 30th. William Blair downgraded shares of Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, CJS Securities initiated coverage on Neogen in a research note on Monday, September 29th. They issued a "market perform" rating and a $10.00 target price on the stock. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Neogen currently has a consensus rating of "Hold" and an average price target of $8.33.

Neogen Trading Up 16.5%

The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. The firm's 50-day simple moving average is $5.50 and its 200 day simple moving average is $5.67. The stock has a market capitalization of $1.47 billion, a P/E ratio of -1.35 and a beta of 1.90.

Institutional Investors Weigh In On Neogen

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gates Capital Management Inc. purchased a new position in Neogen in the 1st quarter worth about $79,391,000. Norges Bank purchased a new position in Neogen during the 2nd quarter valued at about $43,387,000. Clarkston Capital Partners LLC grew its stake in Neogen by 123.2% during the 2nd quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company's stock valued at $66,947,000 after acquiring an additional 7,729,650 shares in the last quarter. Millennium Management LLC purchased a new position in Neogen during the 1st quarter valued at about $20,761,000. Finally, Ameriprise Financial Inc. grew its stake in Neogen by 169.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,079,123 shares of the company's stock valued at $14,718,000 after acquiring an additional 1,936,569 shares in the last quarter. 96.73% of the stock is currently 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.

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