Neogen (NASDAQ:NEOG) Shares Gap Up to $15.45

Neogen Co. (NASDAQ:NEOGGet Rating) gapped up before the market opened on Tuesday . The stock had previously closed at $15.45, but opened at $16.00. Neogen shares last traded at $15.81, with a volume of 16,041 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NEOG shares. Piper Sandler decreased their target price on Neogen from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Monday, October 10th. StockNews.com started coverage on Neogen in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, William Blair raised Neogen from a “market perform” rating to an “outperform” rating in a research report on Tuesday.

Neogen Trading Up 2.0 %

The firm has a market capitalization of $1.75 billion, a P/E ratio of 47.65 and a beta of 0.72. The stock has a 50-day simple moving average of $13.85 and a two-hundred day simple moving average of $19.77.

Insider Transactions at Neogen

In related news, CFO Steven J. Quinlan purchased 5,000 shares of Neogen stock in a transaction dated Tuesday, October 11th. The stock was purchased at an average cost of $11.63 per share, with a total value of $58,150.00. Following the transaction, the chief financial officer now owns 32,722 shares in the company, valued at approximately $380,556.86. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Steven J. Quinlan purchased 5,000 shares of Neogen stock in a transaction dated Tuesday, October 11th. The stock was purchased at an average cost of $11.63 per share, with a total value of $58,150.00. Following the transaction, the chief financial officer now owns 32,722 shares in the company, valued at approximately $380,556.86. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Douglas Edward Jones purchased 7,000 shares of Neogen stock in a transaction dated Wednesday, September 28th. The stock was bought at an average cost of $14.31 per share, with a total value of $100,170.00. Following the completion of the transaction, the chief operating officer now owns 9,759 shares in the company, valued at approximately $139,651.29. The disclosure for this purchase can be found here. In the last three months, insiders purchased 36,000 shares of company stock valued at $502,220. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Neogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEOG. ExodusPoint Capital Management LP acquired a new position in shares of Neogen during the second quarter valued at about $4,748,000. Walleye Capital LLC purchased a new stake in Neogen during the 2nd quarter worth approximately $1,327,000. Goldman Sachs Group Inc. increased its stake in Neogen by 11.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,026,956 shares of the company’s stock valued at $24,739,000 after purchasing an additional 102,067 shares in the last quarter. First Republic Investment Management Inc. raised its holdings in shares of Neogen by 12.6% in the second quarter. First Republic Investment Management Inc. now owns 29,427 shares of the company’s stock worth $709,000 after buying an additional 3,302 shares during the last quarter. Finally, United Services Automobile Association acquired a new stake in shares of Neogen during the second quarter worth $279,000. 97.86% of the stock is currently owned by hedge funds and other institutional investors.

About Neogen

(Get Rating)

Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for 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.

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