Neogen Corporation Awarded USDA Contract
Neogen Corporation (NEOG) announced on July 22 that they were awarded a contract with the U.S. Department of Agriculture (USDA). Under the terms of the contract, Neogen will provide dehydrated culture media to the USDA’s Food Safety and Inspection Service. The USDA uses the culture media to monitor raw and ready-to-eat meat and poultry products for the presence of bacterial pathogens.
Sonal detected the event and issued an alert at 2:00 pm. The stock price opened at $63.82 and moved higher after the news announcement in the afternoon. Neogen’s stock continued to increase over the next three trading sessions before closing at $70.15. That makes a 4-day gain of 10% on the announcement.
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