Neogen (NASDAQ:NEOG) Shares Gap Down – Here’s Why

Neogen Corporation (NASDAQ:NEOG)’s share price gapped down before the market opened on Monday . The stock had previously closed at $7.47, but opened at $7.18. Neogen shares last traded at $7.1620, with a volume of 73,935 shares.

Analysts Set New Price Targets

Several brokerages have recently commented on NEOG. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 target price for the company in a research report on Wednesday, December 10th. Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Piper Sandler set a $6.50 target price on Neogen and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neogen in a report on Monday, December 15th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.83.

Neogen Stock Down 0.2%

The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -1.49 and a beta of 1.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.26. The firm’s fifty day moving average price is $6.27 and its 200-day moving average price is $5.69.

Institutional Trading of Neogen

A number of hedge funds have recently made changes to their positions in NEOG. Savant Capital LLC bought a new stake in shares of Neogen during the second quarter worth about $50,000. Tudor Investment Corp ET AL bought a new stake in Neogen during the 3rd quarter worth approximately $62,000. Coldstream Capital Management Inc. acquired a new position in Neogen in the 3rd quarter valued at approximately $64,000. Cresset Asset Management LLC bought a new position in shares of Neogen during the second quarter valued at $53,000. Finally, Evergreen Capital Management LLC acquired a new position in shares of Neogen during the second quarter worth $56,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Company Profile

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen’s product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.