Neogen (NASDAQ:NEOG) Coverage Initiated at CJS Securities

Key Points

• Analysts at CJS Securities upgraded Neogen's stock to a "hold" rating, while William Blair downgraded it from "outperform" to a "market perform" rating.
• Neogen's stock currently has a consensus rating of "Hold" and an average price target of $8.33, with one Buy rating and four Hold ratings from analysts.
• Institutional investors have increased their stakes in Neogen, with 96.73% of the stock now owned by hedge funds and other institutional investors.

Stock analysts at CJS Securities assumed coverage on shares of Neogen (NASDAQ:NEOG - Get Free Report) in a research note issued to investors on Monday, MarketBeat reports. The brokerage set a "market perform" rating and a $10.00 price target on the stock. CJS Securities' price target points to a potential upside of 75.13% from the company's previous close.

Several other analysts have also weighed in on NEOG. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. William Blair lowered shares of Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. Finally, Guggenheim dropped 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. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $8.33.

Neogen Stock Performance

NASDAQ NEOG opened at $5.71 on Monday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -1.14 and a beta of 1.85. The company has a 50 day moving average of $5.41 and a 200-day moving average of $5.79. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. Neogen has a 1-year low of $3.87 and a 1-year high of $16.79.

Institutional Trading of Neogen

Hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc grew its stake in shares of Neogen by 1,495.4% during the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after purchasing an additional 2,931 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Neogen by 388.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock valued at $87,000 after acquiring an additional 8,010 shares during the last quarter. Savant Capital LLC bought a new position in Neogen in the second quarter valued at approximately $50,000. Lindenwold Advisors INC bought a new position in Neogen in the first quarter valued at approximately $92,000. Finally, Cresset Asset Management LLC bought a new position in Neogen in the second quarter valued at approximately $53,000. 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.