NeoGenomics (NASDAQ:NEO) Trading Down 7.7% After Analyst Downgrade

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price was down 7.7% during mid-day trading on Tuesday after TD Cowen lowered their price target on the stock from $21.00 to $20.00. TD Cowen currently has a buy rating on the stock. NeoGenomics traded as low as $13.70 and last traded at $14.05. Approximately 252,873 shares were traded during trading, a decline of 72% from the average daily volume of 903,145 shares. The stock had previously closed at $15.22.

Other analysts have also recently issued research reports about the company. Piper Sandler boosted their target price on NeoGenomics from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, February 26th. The Goldman Sachs Group boosted their price target on NeoGenomics from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Craig Hallum assumed coverage on NeoGenomics in a research report on Wednesday. They set a “buy” rating and a $26.00 price target on the stock. William Blair reissued an “outperform” rating on shares of NeoGenomics in a research report on Wednesday, February 21st. Finally, Benchmark reissued a “buy” rating and set a $18.00 price target on shares of NeoGenomics in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.78.

Insider Buying and Selling at NeoGenomics

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 2,587 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.96, for a total value of $38,701.52. Following the transaction, the general counsel now directly owns 34,866 shares of the company’s stock, valued at approximately $521,595.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NeoGenomics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of NeoGenomics by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 21,247 shares of the medical research company’s stock valued at $334,000 after acquiring an additional 1,791 shares in the last quarter. Oak Family Advisors LLC grew its stake in NeoGenomics by 7.7% during the 1st quarter. Oak Family Advisors LLC now owns 107,641 shares of the medical research company’s stock worth $1,692,000 after buying an additional 7,663 shares during the last quarter. Banque Cantonale Vaudoise grew its stake in NeoGenomics by 6.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 15,942 shares of the medical research company’s stock worth $251,000 after buying an additional 993 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in NeoGenomics by 27.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,434 shares of the medical research company’s stock worth $136,000 after buying an additional 1,791 shares during the last quarter. Finally, First Light Asset Management LLC grew its stake in NeoGenomics by 29.6% during the 4th quarter. First Light Asset Management LLC now owns 3,926,756 shares of the medical research company’s stock worth $63,535,000 after buying an additional 897,843 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

NeoGenomics Stock Performance

The stock has a market capitalization of $1.78 billion, a P/E ratio of -19.94 and a beta of 1.10. The stock has a 50 day moving average of $14.99 and a 200 day moving average of $15.96. The company has a debt-to-equity ratio of 0.57, a quick ratio of 5.95 and a current ratio of 6.20.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings data on Tuesday, February 20th. The medical research company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The firm had revenue of $155.55 million during the quarter, compared to the consensus estimate of $152.90 million. NeoGenomics had a negative return on equity of 4.13% and a negative net margin of 14.87%. Equities analysts predict that NeoGenomics, Inc. will post -0.2 EPS for the current year.

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.