NeoGenomics (NASDAQ:NEO) Reaches New 1-Year Low – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $8.05 and last traded at $8.36, with a volume of 60044 shares traded. The stock had previously closed at $8.20.

Analyst Ratings Changes

NEO has been the subject of several recent research reports. The Goldman Sachs Group lowered 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 initiated coverage on shares of NeoGenomics in a research note on Tuesday, December 10th. They set a “buy” rating and a $22.00 price objective on the stock. Benchmark cut shares of NeoGenomics from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Bank of America lowered their target price on NeoGenomics from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, Piper Sandler dropped their price target on NeoGenomics from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.60.

NeoGenomics Stock Up 0.8 %

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 50 day simple moving average of $11.00 and a two-hundred day simple moving average of $13.94. The stock has a market cap of $1.06 billion, a P/E ratio of -13.36 and a beta of 1.41.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings data on Tuesday, February 18th. The medical research company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The company had revenue of $172.00 million for the quarter, compared to the consensus estimate of $173.40 million. NeoGenomics had a negative net margin of 11.92% and a negative return on equity of 2.10%. Equities research analysts predict that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in shares of NeoGenomics by 7.6% during the 3rd quarter. FMR LLC now owns 13,255 shares of the medical research company’s stock valued at $196,000 after purchasing an additional 931 shares during the period. BNP Paribas Financial Markets grew its holdings in NeoGenomics by 110.1% during the third quarter. BNP Paribas Financial Markets now owns 72,963 shares of the medical research company’s stock worth $1,076,000 after acquiring an additional 38,238 shares during the period. Verition Fund Management LLC acquired a new position in NeoGenomics during the third quarter worth about $229,000. Quarry LP bought a new stake in NeoGenomics in the third quarter worth about $40,000. Finally, State Street Corp lifted its holdings in NeoGenomics by 1.6% in the 3rd quarter. State Street Corp now owns 4,958,582 shares of the medical research company’s stock valued at $73,139,000 after acquiring an additional 80,449 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.