Neogen's (NEOG) Sell (E+) Rating Reaffirmed at Weiss Ratings

Key Points

• Neogen's stock has received a "sell (E+)" rating from Weiss Ratings, suggesting ongoing concerns about its performance.
• Several research firms have recently updated their ratings on Neogen, with William Blair downgrading the stock to "market perform" and Guggenheim lowering the price target from $13.00 to $10.00.
• The company's consensus rating is currently "Hold" with an average price target of $8.33, while institutional investors hold 96.73% of the stock, indicating strong institutional interest.

Neogen (NASDAQ:NEOG - Get Free Report)'s stock had its "sell (e+)" rating reissued by equities researchers at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other research firms also recently issued reports on NEOG. William Blair downgraded shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Guggenheim cut their price target on shares of Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, June 30th. CJS Securities began coverage on shares of Neogen in a report on Monday, September 29th. They set a "market perform" rating and a $10.00 price target on the stock. Finally, Zacks Research upgraded shares of Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Neogen currently has a consensus rating of "Hold" and an average target price of $8.33.

Neogen Stock Up 4.1%

NEOG stock opened at $5.82 on Wednesday. Neogen has a 12-month low of $3.87 and a 12-month high of $16.79. 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 company has a market cap of $1.26 billion, a price-to-earnings ratio of -1.16 and a beta of 1.90. The company has a 50 day moving average of $5.50 and a two-hundred day moving average of $5.67.

Institutional Trading of Neogen

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC grew its position in Neogen by 129.8% in the 2nd quarter. Corient Private Wealth LLC now owns 47,177 shares of the company's stock worth $226,000 after purchasing an additional 26,643 shares during the last quarter. Osaic Holdings Inc. grew its position in Neogen by 183.5% in the 2nd quarter. Osaic Holdings Inc. now owns 12,663 shares of the company's stock worth $61,000 after purchasing an additional 8,196 shares during the last quarter. Squarepoint Ops LLC grew its position in Neogen by 178.4% in the 2nd quarter. Squarepoint Ops LLC now owns 1,247,973 shares of the company's stock worth $5,965,000 after purchasing an additional 799,736 shares during the last quarter. Caxton Associates LLP acquired a new stake in Neogen in the 2nd quarter worth $587,000. Finally, Public Sector Pension Investment Board grew its position in Neogen by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 672,304 shares of the company's stock worth $3,214,000 after purchasing an additional 46,210 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

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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