NeoGenomics (NASDAQ:NEO) Issues Earnings Results

NeoGenomics (NASDAQ:NEO) released its earnings results on Tuesday. The medical research company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02, FiscalAI reports. The firm had revenue of $201.66 million during the quarter, compared to the consensus estimate of $196.93 million. NeoGenomics had a negative return on equity of 2.80% and a negative net margin of 13.30%.

NeoGenomics Price Performance

Shares of NEO traded up $0.26 during trading hours on Tuesday, hitting $13.40. 2,400,488 shares of the company were exchanged, compared to its average volume of 2,281,759. The company has a market capitalization of $1.74 billion, a PE ratio of -17.40 and a beta of 1.74. The company has a debt-to-equity ratio of 0.41, a current ratio of 4.42 and a quick ratio of 4.06. The firm has a fifty day simple moving average of $12.29 and a 200-day simple moving average of $10.65. NeoGenomics has a one year low of $4.72 and a one year high of $15.57.

Insider Activity

In other news, Director Lynn A. Tetrault sold 5,307 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $11.29, for a total transaction of $59,916.03. Following the sale, the director directly owned 91,422 shares of the company’s stock, valued at $1,032,154.38. The trade was a 5.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On NeoGenomics

A number of hedge funds and other institutional investors have recently modified their holdings of NEO. Headlands Technologies LLC purchased a new position in NeoGenomics in the 2nd quarter worth about $32,000. Caitong International Asset Management Co. Ltd increased its position in shares of NeoGenomics by 110.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock worth $35,000 after acquiring an additional 1,556 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of NeoGenomics in the fourth quarter worth approximately $39,000. Smartleaf Asset Management LLC raised its holdings in shares of NeoGenomics by 77.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,466 shares of the medical research company’s stock valued at $42,000 after acquiring an additional 1,515 shares during the period. Finally, Van ECK Associates Corp raised its holdings in shares of NeoGenomics by 113.8% during the fourth quarter. Van ECK Associates Corp now owns 4,921 shares of the medical research company’s stock valued at $58,000 after acquiring an additional 2,619 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

NEO has been the topic of a number of research reports. Leerink Partners raised NeoGenomics from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $12.00 to $25.00 in a research note on Wednesday, April 29th. Benchmark lifted their target price on NeoGenomics from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday. Weiss Ratings upgraded shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Wall Street Zen raised shares of NeoGenomics from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Finally, TD Cowen reaffirmed a “buy” rating on shares of NeoGenomics in a research note on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.57.

About NeoGenomics

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.