I wouldn’t call it a love-hate relationship with Neupath over the past eighteen months, more of a like-meh one.
I first wrote about them in late 2024 with a decent three star take. I followed that up covering them briefly in my 2025 Wolf Picks as a potential bonus pick, stating that if they did “xy and z” correctly, the stock would be due for a re-rate. Most of that centered around obtaining some operating leverage, which required getting leaner on about a 19-20% margin rate which is not an easy ask.
They in fact achieved at least some of that, and the stock in fact did re-rate, currently up 130% from mid December 2024.
The story would have been that much better had I bought some shares myself at those lows.
Let’s find out where they stand after releasing their 2025 annuals yesterday as the market didn’t appear to be overly impressed with the stock finishing down 2 cents or 4%, dipping by another penny this morning.