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

Shares of Neogen Corporation (NASDAQ:NEOG) gapped up prior to trading on Thursday . The stock had previously closed at $9.40, but opened at $10.50. Neogen shares last traded at $10.7140, with a volume of 323,123 shares traded.

Analyst Ratings Changes

Several brokerages have issued reports on NEOG. Weiss Ratings lowered shares of Neogen from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 24th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.67.

Neogen Stock Performance

The company has a 50 day simple moving average of $9.32 and a 200-day simple moving average of $9.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.92 and a quick ratio of 2.84. The stock has a market cap of $2.32 billion, a P/E ratio of -3.82, a price-to-earnings-growth ratio of 4.11 and a beta of 1.80.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Cibc World Markets Corp purchased a new stake in shares of Neogen in the 4th quarter valued at $47,983,000. T. Rowe Price Investment Management Inc. boosted its position in Neogen by 249.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock valued at $57,191,000 after buying an additional 5,838,570 shares during the period. SG Americas Securities LLC grew its stake in shares of Neogen by 287.4% during the first quarter. SG Americas Securities LLC now owns 6,266,033 shares of the company’s stock valued at $58,211,000 after buying an additional 4,648,436 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Neogen by 4,059.4% in the third quarter. Bank of Montreal Can now owns 4,592,218 shares of the company’s stock worth $26,222,000 after buying an additional 4,481,812 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Neogen by 250.2% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,490,800 shares of the company’s stock valued at $24,401,000 after acquiring an additional 2,493,900 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

About Neogen

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.