NeoGenomics (NASDAQ:NEO) Trading 7.9% Higher – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price traded up 7.9% on Thursday . The company traded as high as $10.67 and last traded at $10.9420. 90,717 shares traded hands during trading, a decline of 95% from the average session volume of 1,915,082 shares. The stock had previously closed at $10.14.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Weiss Ratings lowered NeoGenomics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, May 21st. TD Cowen increased their price objective on NeoGenomics from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Zacks Research cut shares of NeoGenomics from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. William Blair reissued a “market perform” rating on shares of NeoGenomics in a research report on Monday, March 16th. Finally, Benchmark raised shares of NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Wednesday, April 29th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.86.

NeoGenomics Trading Down 3.6%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 4.06 and a current ratio of 4.42. The stock’s 50-day simple moving average is $8.70 and its 200-day simple moving average is $10.30. The firm has a market capitalization of $1.42 billion, a PE ratio of -14.16 and a beta of 1.82.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings data on Tuesday, April 28th. The medical research company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $186.67 million during the quarter, compared to analyst estimates of $184.54 million. NeoGenomics had a negative return on equity of 2.80% and a negative net margin of 13.30%.The business’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts expect that NeoGenomics, Inc. will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On NeoGenomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEO. Aster Capital Management DIFC Ltd lifted its position in NeoGenomics by 42.5% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock valued at $26,000 after buying an additional 997 shares during the period. First Horizon Corp lifted its position in NeoGenomics by 52.6% during the fourth quarter. First Horizon Corp now owns 2,509 shares of the medical research company’s stock valued at $30,000 after buying an additional 865 shares during the period. Headlands Technologies LLC purchased a new position in NeoGenomics during the second quarter valued at $32,000. Caitong International Asset Management Co. Ltd lifted its position in NeoGenomics by 110.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock valued at $35,000 after buying an additional 1,556 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in NeoGenomics during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

NeoGenomics Company Profile

NeoGenomics, traded on the Nasdaq under the symbol NEO, is a leading provider of cancer-focused genetic and molecular testing services. Headquartered in Fort Myers, Florida, the company operates an integrated network of CAP-accredited and CLIA-certified laboratories across the United States, Europe and Asia. NeoGenomics delivers diagnostic insights that support oncologists, pathologists and healthcare institutions in the detection, prognosis and treatment of hematologic and solid tumor cancers.

The company’s core service offerings include flow cytometry, immunohistochemistry, fluorescence in situ hybridization (FISH), karyotyping and advanced molecular assays such as next-generation sequencing (NGS) panels and polymerase chain reaction (PCR) tests.