NeoGenomics (NASDAQ:NEO) Trading Up 7.2% – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price shot up 7.2% on Tuesday . The stock traded as high as $9.83 and last traded at $9.75. 448,052 shares traded hands during trading, a decline of 43% from the average session volume of 783,495 shares. The stock had previously closed at $9.09.

Wall Street Analyst Weigh In

NEO has been the topic of several recent analyst reports. Benchmark downgraded NeoGenomics from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Piper Sandler decreased their price target on shares of NeoGenomics from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. The Goldman Sachs Group reduced their target price on shares of NeoGenomics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Jefferies Financial Group started coverage on NeoGenomics in a research report on Tuesday, December 10th. They set a “buy” rating and a $22.00 target price on the stock. Finally, Needham & Company LLC reduced their price objective on NeoGenomics from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, NeoGenomics has an average rating of “Moderate Buy” and a consensus target price of $19.60.

NeoGenomics Price Performance

The company has a 50-day moving average of $13.63 and a 200 day moving average of $14.96. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.91 and a current ratio of 1.98. The firm has a market cap of $1.40 billion, a P/E ratio of -17.55 and a beta of 1.28.

NeoGenomics (NASDAQ:NEO) last issued its earnings results on Tuesday, February 18th. The medical research company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). NeoGenomics had a negative net margin of 11.92% and a negative return on equity of 2.10%. The firm had revenue of $172.00 million during the quarter, compared to analyst estimates of $173.40 million. On average, sell-side analysts anticipate that NeoGenomics, Inc. will post -0.2 EPS for the current year.

Institutional Trading of NeoGenomics

Several hedge funds have recently modified their holdings of the company. Nordea Investment Management AB grew its position in NeoGenomics by 2.8% during the 4th quarter. Nordea Investment Management AB now owns 77,534 shares of the medical research company’s stock worth $1,301,000 after acquiring an additional 2,125 shares during the last quarter. Geode Capital Management LLC boosted its stake in NeoGenomics by 1.2% in the third quarter. Geode Capital Management LLC now owns 3,051,806 shares of the medical research company’s stock worth $45,022,000 after purchasing an additional 36,136 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of NeoGenomics by 4.7% during the third quarter. Jennison Associates LLC now owns 1,276,468 shares of the medical research company’s stock worth $18,828,000 after purchasing an additional 57,041 shares during the last quarter. Algert Global LLC increased its stake in shares of NeoGenomics by 204.3% in the third quarter. Algert Global LLC now owns 79,983 shares of the medical research company’s stock valued at $1,180,000 after buying an additional 53,700 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of NeoGenomics by 2.4% in the fourth quarter. Rhumbline Advisers now owns 389,003 shares of the medical research company’s stock valued at $6,411,000 after buying an additional 9,098 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

About NeoGenomics

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. It operates through Clinical Services and Advanced Diagnostics segments. The company offers testing services to hospitals, academic centers, pathologists, oncologists, clinicians, pharmaceutical companies, and clinical laboratories.