Neogen (NASDAQ:NEOG) Stock Price Down 9.2% - Here's Why

Key Points

• Neogen Corporation's stock price fell by 9.2%, reaching a low of $5.02 and last trading at $4.97, significantly declining from an average session volume.
• Equities analysts have presented mixed ratings, with William Blair downgrading the stock to "market perform" while Zacks Research upgraded it to "hold," and the average price target stands at $7.50.
• Significant institutional activity occurred, with 96.73% of the stock owned by institutional investors, including notable increases in holdings by various hedge funds during the second quarter.

Neogen Corporation (NASDAQ:NEOG - Get Free Report)'s share price traded down 9.2% during trading on Tuesday . The company traded as low as $5.02 and last traded at $4.97. 657,325 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 5,337,936 shares. The stock had previously closed at $5.47.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NEOG shares. William Blair downgraded Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Zacks Research raised Neogen from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, Guggenheim cut their price objective on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, June 30th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $7.50.

Neogen Price Performance

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 fifty day moving average price is $5.32 and its 200 day moving average price is $6.01. The stock has a market cap of $1.22 billion, a PE ratio of -1.12 and a beta of 1.85.

Institutional Investors Weigh In On Neogen

Several large investors have recently made changes to their positions in NEOG. Osaic Holdings Inc. lifted its position in shares of Neogen by 183.5% in the second quarter. Osaic Holdings Inc. now owns 12,663 shares of the company's stock worth $61,000 after buying an additional 8,196 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of Neogen by 178.4% during the 2nd quarter. Squarepoint Ops LLC now owns 1,247,973 shares of the company's stock worth $5,965,000 after acquiring an additional 799,736 shares in the last quarter. Caxton Associates LLP purchased a new stake in shares of Neogen during the 2nd quarter worth approximately $587,000. Public Sector Pension Investment Board boosted its position in shares of Neogen by 7.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 672,304 shares of the company's stock valued at $3,214,000 after acquiring an additional 46,210 shares during the last quarter. Finally, FORA Capital LLC grew its holdings in shares of Neogen by 56.1% in the second quarter. FORA Capital LLC now owns 63,850 shares of the company's stock valued at $305,000 after purchasing an additional 22,955 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.