William Blair Downgrades Neogen (NASDAQ:NEOG) to Market Perform

Neogen (NASDAQ:NEOG) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports.

Several other equities analysts have also commented on the stock. Guggenheim decreased their price objective on shares of Neogen from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, June 30th. Piper Sandler cut their price target on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd.

Neogen Trading Down 2.7%

Shares of NASDAQ NEOG opened at $4.70 on Tuesday. Neogen has a 1-year low of $3.87 and a 1-year high of $17.95. The business has a fifty day moving average price of $5.30 and a 200 day moving average price of $7.38. The stock has a market capitalization of $1.02 billion, a P/E ratio of -0.93 and a beta of 1.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.45.

Insider Activity

In related news, Director Aashima Gupta bought 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $6.25 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director directly owned 21,917 shares in the company, valued at approximately $136,981.25. The trade was a 270.41% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Neogen

Hedge funds and other institutional investors have recently made changes to their positions in the company. Covestor Ltd boosted its holdings in Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company’s stock worth $50,000 after buying an additional 1,202 shares in the last quarter. CHICAGO TRUST Co NA raised its position in shares of Neogen by 19.1% in the first quarter. CHICAGO TRUST Co NA now owns 12,498 shares of the company’s stock worth $108,000 after acquiring an additional 2,000 shares during the period. Ascent Group LLC raised its position in shares of Neogen by 17.8% in the fourth quarter. Ascent Group LLC now owns 14,340 shares of the company’s stock worth $174,000 after acquiring an additional 2,165 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Neogen by 6.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 39,263 shares of the company’s stock worth $477,000 after acquiring an additional 2,267 shares in the last quarter. Finally, Avanza Fonder AB grew its position in shares of Neogen by 17.9% during the 2nd quarter. Avanza Fonder AB now owns 16,435 shares of the company’s stock valued at $79,000 after acquiring an additional 2,499 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.