Short Interest in Neogen Corporation (NASDAQ:NEOG) Declines By 17.6%

Neogen Corporation (NASDAQ:NEOG) was the target of a significant drop in short interest during the month of January. As of January 15th, there was short interest totaling 14,099,129 shares, a drop of 17.6% from the December 31st total of 17,105,312 shares. Approximately 6.5% of the shares of the stock are sold short. Based on an average trading volume of 6,000,603 shares, the days-to-cover ratio is presently 2.3 days. Based on an average trading volume of 6,000,603 shares, the days-to-cover ratio is presently 2.3 days. Approximately 6.5% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

NEOG has been the topic of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $12.00 target price (up previously from $8.00) on shares of Neogen in a report on Friday, January 9th. Piper Sandler reissued a “neutral” rating and set a $10.00 target price (up previously from $6.50) on shares of Neogen in a research note on Monday, January 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. Wall Street Zen lowered shares of Neogen from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective for the company in a research report on Wednesday, December 10th. Two 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.67.

Neogen Trading Up 2.2%

Shares of NASDAQ:NEOG traded up $0.23 during midday trading on Monday, hitting $10.45. 1,326,671 shares of the stock were exchanged, compared to its average volume of 4,492,960. The business’s 50-day moving average price is $7.74 and its 200 day moving average price is $6.39. Neogen has a 12 month low of $3.87 and a 12 month high of $11.23. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -3.77 and a beta of 1.98.

Neogen (NASDAQ:NEOG) last posted its earnings results on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The business had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. During the same period last year, the company earned $0.11 EPS. The firm’s revenue was down 2.9% compared to the same quarter last year. Analysts predict that Neogen will post 0.38 earnings per share for the current year.

Institutional Investors Weigh In On Neogen

A number of institutional investors have recently made changes to their positions in NEOG. IMC Chicago LLC bought a new position in shares of Neogen during the fourth quarter worth about $213,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Neogen during the 4th quarter worth approximately $76,000. Round Rock Advisors LLC lifted its position in shares of Neogen by 520.8% in the 4th quarter. Round Rock Advisors LLC now owns 156,967 shares of the company’s stock worth $1,097,000 after purchasing an additional 131,684 shares during the period. Evergreen Capital Management LLC boosted its stake in shares of Neogen by 12.3% in the 4th quarter. Evergreen Capital Management LLC now owns 13,753 shares of the company’s stock valued at $96,000 after purchasing an additional 1,504 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Neogen by 26.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,332 shares of the company’s stock valued at $338,000 after purchasing an additional 10,166 shares during the last quarter. Institutional investors own 96.73% of the company’s stock.

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.