Neogen (NASDAQ:NEOG) Stock Price Down 5.8% - Here's Why

Key Points

• Neogen Corporation's stock price fell 5.8%, trading as low as $5.31 after closing at $5.60, with a significant decline in trading volume.
• Analysts have mixed opinions on Neogen's stock, with Zacks upgrading it to a "hold" rating while Guggenheim reduced their price target from $13.00 to $10.00.
• Institutional investors hold a substantial 96.73% of Neogen's stock, with some firms significantly increasing their positions in the company recently.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s stock price dropped 5.8% on Wednesday . The stock traded as low as $5.31 and last traded at $5.28. Approximately 2,086,871 shares changed hands during trading, a decline of 62% from the average daily volume of 5,448,212 shares. The stock had previously closed at $5.60.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. William Blair cut shares of Neogen from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 29th. Finally, Guggenheim reduced 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. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $7.50.

Neogen Trading Down 4.0%

The firm has a fifty day simple moving average of $5.34 and a 200-day simple moving average of $5.93. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22. The firm has a market cap of $1.17 billion, a P/E ratio of -1.07 and a beta of 1.85.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NEOG. Versant Capital Management Inc lifted its stake in Neogen by 1,495.4% during the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after acquiring an additional 2,931 shares in the last quarter. Savant Capital LLC bought a new position in shares of Neogen during the second quarter valued at about $50,000. Cresset Asset Management LLC bought a new position in shares of Neogen during the 2nd quarter worth approximately $53,000. Evergreen Capital Management LLC bought a new position in shares of Neogen during the 2nd quarter worth approximately $56,000. Finally, Blue Trust Inc. lifted its position in shares of Neogen by 181.7% during the 2nd quarter. Blue Trust Inc. now owns 11,974 shares of the company's stock worth $57,000 after buying an additional 7,724 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

Neogen Company Profile

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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