NeoGenomics (NASDAQ:NEO) Stock Rating Upgraded by Zacks Investment Research

NeoGenomics (NASDAQ:NEO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $23.00 price target on the medical research company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.89% from the stock’s previous close.

According to Zacks, “NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization, flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and other reference laboratories throughout the United States. “

Several other equities research analysts have also issued reports on the stock. Leerink Swann set a $30.00 target price on shares of NeoGenomics and gave the company a “buy” rating in a research report on Wednesday, July 31st. BidaskClub upgraded shares of NeoGenomics from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Needham & Company LLC set a $27.00 target price on shares of NeoGenomics and gave the company a “buy” rating in a research report on Wednesday, July 31st. Benchmark set a $27.00 target price on shares of NeoGenomics and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Raymond James lifted their price target on shares of NeoGenomics from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. NeoGenomics has an average rating of “Buy” and a consensus target price of $24.38.

Shares of NeoGenomics stock traded up $0.30 during midday trading on Tuesday, reaching $20.02. The company had a trading volume of 28,123 shares, compared to its average volume of 693,397. The company has a current ratio of 4.67, a quick ratio of 4.52 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 153.23 and a beta of 0.92. The stock has a fifty day simple moving average of $20.94 and a 200 day simple moving average of $22.43. NeoGenomics has a 1-year low of $11.05 and a 1-year high of $26.89.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings results on Tuesday, July 30th. The medical research company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The business had revenue of $101.71 million during the quarter, compared to analyst estimates of $97.32 million. NeoGenomics had a net margin of 0.57% and a return on equity of 4.97%. NeoGenomics’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. Sell-side analysts expect that NeoGenomics will post 0.19 earnings per share for the current year.

In other NeoGenomics news, Director Steven C. Jones sold 1,691 shares of NeoGenomics stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.00, for a total transaction of $42,275.00. Following the transaction, the director now directly owns 245,234 shares of the company’s stock, valued at $6,130,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven C. Jones sold 181,339 shares of NeoGenomics stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $24.92, for a total transaction of $4,518,967.88. Following the transaction, the director now directly owns 245,234 shares in the company, valued at $6,111,231.28. The disclosure for this sale can be found here. Insiders have sold 241,370 shares of company stock worth $6,017,680 over the last three months. Insiders own 8.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers increased its position in NeoGenomics by 5.5% during the 3rd quarter. Rhumbline Advisers now owns 296,152 shares of the medical research company’s stock valued at $5,662,000 after purchasing an additional 15,438 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in NeoGenomics during the 3rd quarter valued at $1,988,000. Virginia Retirement Systems ET AL purchased a new position in NeoGenomics during the 3rd quarter valued at $239,000. Strs Ohio increased its position in NeoGenomics by 15.9% during the 3rd quarter. Strs Ohio now owns 115,900 shares of the medical research company’s stock valued at $2,216,000 after purchasing an additional 15,900 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in NeoGenomics by 14.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,778 shares of the medical research company’s stock valued at $110,000 after purchasing an additional 739 shares during the period. 84.95% of the stock is currently owned by institutional investors.

About NeoGenomics

NeoGenomics, Inc, together with its subsidiaries, operates a network of cancer-focused genetic testing laboratories in the United States; and laboratories in Switzerland and Singapore. It operates in two segments, Clinical Services and Pharma Services. The company's laboratories provide genetic and molecular testing services to hospitals, pathologists, oncologists, urologists, other clinicians and researchers, pharmaceutical firms, academic centers, and other clinical laboratories.

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