Neogen (NASDAQ:NEOG) Shares Up 4.9% – What’s Next?

Neogen Corporation (NASDAQ:NEOG)’s share price rose 4.9% during trading on Wednesday . The stock traded as high as $6.73 and last traded at $6.7150. Approximately 388,042 shares were traded during trading, a decline of 93% from the average daily volume of 5,248,699 shares. The stock had previously closed at $6.40.

Analyst Ratings Changes

Several equities analysts have weighed in on NEOG shares. Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a report on Monday, December 1st. CJS Securities raised shares of Neogen from a “market perform” rating to an “outperform” rating in a research report on Wednesday. Wall Street Zen downgraded shares of Neogen from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Piper Sandler set a $6.50 price target on Neogen and gave the company a “neutral” rating in a research report on Thursday, October 16th. Finally, Zacks Research upgraded Neogen from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Neogen has an average rating of “Hold” and an average target price of $8.83.

Neogen Price Performance

The company has a quick ratio of 2.26, a current ratio of 3.58 and a debt-to-equity ratio of 0.37. The stock’s 50-day moving average price is $6.04 and its 200 day moving average price is $5.60. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -1.42 and a beta of 1.99.

Institutional Trading of Neogen

Several institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL acquired a new position in shares of Neogen in the third quarter valued at $62,000. CIBC Bancorp USA Inc. bought a new position in shares of Neogen during the 3rd quarter worth about $28,969,000. Coldstream Capital Management Inc. acquired a new stake in shares of Neogen during the 3rd quarter valued at about $64,000. Dark Forest Capital Management LP acquired a new position in Neogen in the third quarter worth about $1,170,000. Finally, Voloridge Investment Management LLC lifted its stake in Neogen by 56.0% during the third quarter. Voloridge Investment Management LLC now owns 2,970,450 shares of the company’s stock worth $16,961,000 after purchasing an additional 1,066,717 shares during the period. Institutional investors and hedge funds 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.