Neogen (NASDAQ:NEOG) Stock Price Down 6.2% – Here’s What Happened

Neogen Corporation (NASDAQ:NEOG) was down 6.2% during trading on Tuesday . The stock traded as low as $6.05 and last traded at $6.0250. Approximately 669,175 shares changed hands during trading, a decline of 88% from the average daily volume of 5,354,183 shares. The stock had previously closed at $6.42.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NEOG shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Neogen in a research report on Thursday. Piper Sandler set a $6.50 target price on shares of Neogen and gave the stock a “neutral” rating in a report on Thursday, October 16th. CJS Securities started coverage on shares of Neogen in a research report on Monday, September 29th. They issued a “market perform” rating and a $10.00 price target for the company. William Blair cut shares of Neogen from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen downgraded Neogen from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Neogen presently has a consensus rating of “Hold” and a consensus target price of $8.83.

Neogen Trading Down 4.0%

The business’s 50-day simple moving average is $5.93 and its 200-day simple moving average is $5.62. The company has a market cap of $1.34 billion, a PE ratio of -1.28 and a beta of 1.90. The company has a current ratio of 3.58, a quick ratio of 2.26 and a debt-to-equity ratio of 0.37.

Hedge Funds Weigh In On Neogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. ING Groep NV acquired a new stake in Neogen in the third quarter valued at approximately $80,288,000. Gates Capital Management Inc. acquired a new stake in shares of Neogen in the 1st quarter valued at $79,391,000. Norges Bank bought a new stake in Neogen in the second quarter worth $43,387,000. Clarkston Capital Partners LLC increased its position in Neogen by 123.2% during the second quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock worth $66,947,000 after buying an additional 7,729,650 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in Neogen by 4,059.4% during the third quarter. Bank of Montreal Can now owns 4,592,218 shares of the company’s stock valued at $26,222,000 after buying an additional 4,481,812 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

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.