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NEOG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Neogen Corporation (NEOG) stock moving?
NEOG closed at $11.67 on Nov 10, down about 6% from $12.46 on Nov 4 and near its 30-day low of $11.43 (Nov 5). The stock has traded in a $11.43-$12.85 range since Oct 22, with a lower close than at the start of the window. The Nov 4 8-K on the Zoetis Genomics sale review (now expected to conclude early 2027, with Zoetis offering Australian divestitures) came on a 4.5M-volume day and was followed by a 5.9% drop on 3.7M volume on Nov 5, so the timing points to the delay weighing on the shares. The Nov 9 session printed 8.4M shares (about 2.6 times the roughly 3.2M 30-day average) and closed up 2.7%, but the stock gave back much of that gain the next day on 1.8M shares, a pattern that does not show sustained buying. Fundamentals from the Oct 6 Q1 FY2027 report are solid on the top line and guidance: revenue of $222.8M (+6.5%, core +8.1%), adjusted EBITDA of $41.6M at an 18.7% margin, free cash flow of $4.7M, and raised fiscal 2027 guidance. Offsetting this, GAAP net loss was $11.9M and the Petrifilm manufacturing transition starts in November 2026, a multi-quarter execution risk. The Genomics sale delay pushes expected proceeds out, and the UBS conference on Nov 10 gives management a venue to address this, though the filings do not disclose its content. Overall the picture is mixed: guidance support versus near-term price pressure and execution risk.
News behind the analysis
- Neogen Says Australian, New Zealand Review Of Genomics Sale To Zoetis Expected To Conclude Early 2027; Zoetis Offered To Divest Some Australian AssetsNeogen said the ACCC and NZCC reviews of the Genomics sale to Zoetis should conclude in early 2027 after Zoetis offered to divest certain Australian assets.
- Form 8-K (Item 8.01 Other Events) - Genomics sale regulatory updateNeogen's CFO filed an 8-K repeating that the Zoetis Genomics deal, announced Mar 2, 2026, still faces customary closing conditions and ongoing ACCC and NZCC reviews, now expected to conclude in early 2027.
- Neogen Corporation to Participate in 2026 UBS Global Healthcare ConferenceNeogen will take part in the UBS Global Healthcare Conference on November 10, 2026.
- Neogen Reports First-Quarter Financial Results for Fiscal Year 2027Q1 FY2027 revenue rose 6.5% to $222.8M (core growth 8.1%), adjusted EBITDA was $41.6M at an 18.7% margin, and GAAP net loss was $11.9M (EPS $(0.05)). Management raised fiscal 2027 revenue and adjusted EBITDA guidance.
- Form 8-K (Item 5.07) - 2026 Annual Meeting of Shareholders resultsAt the Oct 1, 2026 annual meeting, shareholders elected directors Aashima Gupta, Raphael A. Rodriguez and Catherine E. Woteki and approved executive compensation on an advisory basis.
About Neogen Corp
Neogen is a company based in Lansing, Michigan that makes tests and other products that help food producers, processors and farms find contamination, disease-causing germs (pathogens), allergens and spoilage. In 2022 it bought 3M's food safety business, which included the well-known Petrifilm testing plates. It is now moving Petrifilm production into its own plants, and that move has weighed on its profit margins.
How it makes money
Most of its money comes from selling consumable products that customers use up and buy again. These include pathogen, allergen and indicator tests, culture media, sanitation products and genomics testing. The Food Safety segment brings in roughly 70–75% of revenue, and Animal Safety (veterinary instruments, biosecurity and animal genomics) brings in the rest. Fiscal 2026 revenue was about $870 million, down about 3% from the year before, and the company reported a net loss under standard accounting rules (GAAP).
What usually moves NEOG
- Progress and costs of moving Petrifilm manufacturing from 3M
- Core organic revenue growth and gross margin trends
- Food safety regulation and foodborne illness recalls
- Debt load from the 3M deal and integration costs
- Livestock and protein industry conditions