Neogen (NASDAQ:NEOG) Trading Down 3.2% After Analyst Downgrade

Neogen Co. (NASDAQ:NEOG) shares dropped 3.2% on Monday after Piper Sandler lowered their price target on the stock from $13.00 to $6.50. Piper Sandler currently has a neutral rating on the stock. Neogen traded as low as $5.38 and last traded at $5.40. Approximately 3,917,491 shares traded hands during trading, an increase of 54% from the average daily volume of 2,549,049 shares. The stock had previously closed at $5.58.

Separately, Guggenheim reduced their price objective on shares of Neogen from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday.

Insider Buying and Selling at Neogen

In other Neogen news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction on Thursday, January 16th. The shares were bought at an average price of $11.11 per share, with a total value of $164,428.00. Following the purchase, the chief financial officer now directly owns 61,434 shares in the company, valued at $682,531.74. The trade was a 31.74 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John Edward Adent bought 23,035 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was acquired at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the acquisition, the chief executive officer now directly owns 269,164 shares in the company, valued at $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 47,835 shares of company stock valued at $469,204 in the last three months. 1.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Citizens Bank & Trust Co. acquired a new stake in shares of Neogen during the 1st quarter valued at $153,000. GAMMA Investing LLC boosted its position in Neogen by 4,700.8% during the first quarter. GAMMA Investing LLC now owns 18,675 shares of the company’s stock valued at $162,000 after purchasing an additional 18,286 shares during the last quarter. Moody National Bank Trust Division boosted its position in Neogen by 163.2% during the first quarter. Moody National Bank Trust Division now owns 39,136 shares of the company’s stock valued at $339,000 after purchasing an additional 24,268 shares during the last quarter. Versant Capital Management Inc grew its stake in Neogen by 1,495.4% in 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 in the last quarter. Finally, Ascent Group LLC increased its position in Neogen by 17.8% in the 4th quarter. Ascent Group LLC now owns 14,340 shares of the company’s stock worth $174,000 after purchasing an additional 2,165 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Price Performance

The company has a market capitalization of $1.17 billion, a PE ratio of -2.46 and a beta of 1.57. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The stock has a 50 day moving average price of $9.08 and a two-hundred day moving average price of $11.93.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. Neogen’s revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 EPS. Equities analysts forecast that Neogen Co. will post 0.38 earnings per share for the current year.

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.