NeoGenomics, Inc. (NASDAQ:NEO) Sees Large Growth in Short Interest

NeoGenomics, Inc. (NASDAQ:NEO) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,220,000 shares, an increase of 20.9% from the February 28th total of 3,490,000 shares. Currently, 3.3% of the company’s stock are short sold. Based on an average daily volume of 1,220,000 shares, the days-to-cover ratio is presently 3.5 days.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NEO. PNC Financial Services Group Inc. raised its holdings in NeoGenomics by 5.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,610 shares of the medical research company’s stock worth $257,000 after purchasing an additional 770 shares during the period. Summit Investment Advisors Inc. increased its position in NeoGenomics by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,339 shares of the medical research company’s stock worth $220,000 after buying an additional 863 shares in the last quarter. FMR LLC raised its stake in shares of NeoGenomics by 7.6% in the third quarter. FMR LLC now owns 13,255 shares of the medical research company’s stock worth $196,000 after buying an additional 931 shares during the period. Blue Trust Inc. grew its stake in shares of NeoGenomics by 33.2% during the 4th quarter. Blue Trust Inc. now owns 4,421 shares of the medical research company’s stock valued at $73,000 after acquiring an additional 1,103 shares during the period. Finally, Versant Capital Management Inc increased its holdings in NeoGenomics by 174.9% in the 4th quarter. Versant Capital Management Inc now owns 1,795 shares of the medical research company’s stock worth $30,000 after acquiring an additional 1,142 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

NeoGenomics Stock Down 7.4 %

NEO stock opened at $8.72 on Friday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -14.06 and a beta of 1.28. 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 business’s 50-day moving average is $11.51 and its two-hundred day moving average is $14.18. NeoGenomics has a fifty-two week low of $8.69 and a fifty-two week high of $19.12.

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 the consensus estimate of $0.03 by ($0.05). The business had revenue of $172.00 million during the quarter, compared to the consensus estimate of $173.40 million. NeoGenomics had a negative return on equity of 2.10% and a negative net margin of 11.92%. As a group, analysts forecast that NeoGenomics will post -0.2 earnings per share for the current year.

NeoGenomics Company Profile

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.