Shorts are rebuilding positions in Neogen Corporation at a steady pace — even as Piper Sandler's upgraded conviction points the other way. The short score has jumped from 37.7 to 43.0 over the past two weeks, its sharpest sustained move in recent data.
The ORTEX short score for NEOG hit 43.0 on August 25. It stood at 37.7 just eleven days earlier. That 5.3-point climb is the clearest single signal in this snapshot. It reflects the underlying short rebuild that began after July's earnings print. Short interest is now 4.5% of free float, up 18% over the past week. The cost to borrow has risen 70% over the same period — though at 0.485%, the absolute level remains low.
Availability sits at 1,082% of shares already borrowed. The lending pool is loose. Bears have no shortage of shares to borrow, and the cost to do so remains minimal. There is no mechanical squeeze pressure here.
Yesterday's article noted the upgrade from Piper Sandler's David Westenberg — Neutral to Overweight, target lifted to $14. That move has not slowed the short rebuild. If anything, the pace of new short positions held roughly steady through August 26, when shares short edged back slightly to 9.74 million from 9.88 million the day prior.
The consensus sits at Buy. The mean analyst target is $13.33. With the stock at $11.70, that implies roughly 14% upside. Guggenheim holds a Buy and two Outperform ratings are now on file. The analyst community is broadly constructive.
Bears disagree. The short rebuild after the July earnings beat — when the stock surged 28% in a day — suggests some sellers see the post-earnings re-rating as overdone.
The insider picture adds a layer of nuance. CEO Mikhael Nassif sold 20,397 shares on August 19 at $11.87, a $242,000 transaction. That followed a token buy of 370 shares on August 4 — the same day the pulse noted insider buying. The net 90-day insider position is positive in share count terms due to award activity, but the CEO's most recent open-market transaction was a sale.
Neuberger Berman stands out among institutional holders, adding 8.8 million shares in the most recent reported period to reach 7.6% of shares outstanding. That is a material position build from a known active manager.
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