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Biotech / Medical : neog - Neogen's E.Coli Test adopted by Japan
NEOG 6.170+2.8%Oct 31 9:30 AM EST
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To: Kramer who wrote ()5/11/2000 11:40:00 AM
From: Kramer   of 441
 
Analystgroup update:
Daily Stock Review

Neogen Corporation (NasdaqNM: NEOG): The stock was down 4.95% to finish
at $6 on volume of 11,600 shares. Neogen Corporation (Nasdaq: NEOG - news)
has entered into a letter of intent to acquire AmVet Pharmaceuticals of
Yaphank, N.Y. The purchase is subject to due diligence and approval of
Neogen's Board of Directors, and is expected to complete in less than 60
days. AmVet owns the formulas for 25 different products under
approximately 40 labels, the majority of which are sold under the AmVet
label. AmVet sales have made solid advances in each year since its 1996
founding. Total annual sales are currently in excess of $3.6 million.

NEOG is becoming the dominant global company in the development and
marketing of products to control residues and improve quality for the
food, agriculture, seafood, pharmacologic and
environmental industries. To accomplish that mission, the company has
built on the success of its initial products and added complementary
product lines. We expect the company will grow its sales and earnings
between 20% to 30% annually by increasing its product lines and
acquisition. Biotech companies typically trade at a market valuation of
20x to 30x sales and, therefore, NEOG appears to trade at a deep discount
to its peer group. We rate the stock "accumulation" at the current level.
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