Needham & Company LLC Initiates Coverage on NeoGenomics (NASDAQ:NEO)

Equities researchers at Needham & Company LLC assumed coverage on shares of NeoGenomics (NASDAQ:NEO) in a report released on Tuesday, TipRanks reports. The firm set a “buy” rating and a $55.00 price target on the medical research company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 28.15% from the stock’s previous close.

Several other research analysts have also recently weighed in on NEO. Zacks Investment Research cut shares of NeoGenomics from a “hold” rating to a “sell” rating in a report on Wednesday, April 28th. The Goldman Sachs Group began coverage on NeoGenomics in a report on Thursday, June 3rd. They issued a “buy” rating and a $55.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $51.05.

Shares of NEO opened at $42.92 on Tuesday. The company has a market cap of $5.06 billion, a price-to-earnings ratio of -536.50 and a beta of 0.68. NeoGenomics has a 52 week low of $34.18 and a 52 week high of $61.57. The business’s 50 day moving average is $42.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 13.91 and a quick ratio of 13.60.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings results on Wednesday, May 5th. The medical research company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.05). NeoGenomics had a positive return on equity of 0.83% and a negative net margin of 2.42%. The company had revenue of $115.30 million for the quarter, compared to the consensus estimate of $112.17 million. During the same quarter last year, the company posted ($0.07) EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, analysts expect that NeoGenomics will post -0.33 earnings per share for the current year.

In related news, Director Bruce K. Crowther sold 20,734 shares of the business’s stock in a transaction dated Tuesday, June 8th. The stock was sold at an average price of $41.46, for a total value of $859,631.64. Following the sale, the director now directly owns 59,564 shares in the company, valued at approximately $2,469,523.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider George Cardoza sold 169,230 shares of the stock in a transaction on Wednesday, June 2nd. The stock was sold at an average price of $40.39, for a total value of $6,835,199.70. Following the sale, the insider now owns 207,879 shares in the company, valued at approximately $8,396,232.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 320,568 shares of company stock valued at $12,828,875. 4.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of NEO. Oak Ridge Investments LLC increased its holdings in shares of NeoGenomics by 751.8% in the first quarter. Oak Ridge Investments LLC now owns 2,723,474 shares of the medical research company’s stock worth $131,353,000 after purchasing an additional 2,403,756 shares during the period. Janus Henderson Group PLC increased its stake in NeoGenomics by 51.0% in the 1st quarter. Janus Henderson Group PLC now owns 4,103,784 shares of the medical research company’s stock worth $197,926,000 after acquiring an additional 1,386,761 shares during the last quarter. Norges Bank purchased a new stake in shares of NeoGenomics in the 4th quarter valued at about $50,808,000. Canada Pension Plan Investment Board bought a new stake in shares of NeoGenomics during the 4th quarter valued at about $32,304,000. Finally, First Light Asset Management LLC grew its holdings in shares of NeoGenomics by 94.0% during the first quarter. First Light Asset Management LLC now owns 1,003,216 shares of the medical research company’s stock worth $48,385,000 after purchasing an additional 486,125 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

About NeoGenomics

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States, Europe, and Asia. It operates in two segments, Clinical Services and Pharma Services. The company offers testing services to hospitals, reference labs, pathologists, oncologists, clinicians, pharmaceutical firms, and researchers It provides cytogenetics testing services to study normal and abnormal chromosomes and their relationship to diseases; fluorescence in-situ hybridization testing services that focus on detecting and locating the presence or absence of specific DNA sequences and genes on chromosomes; flow cytometry testing services to measure the characteristics of cell populations; and immunohistochemistry and digital imaging testing services to localize cellular proteins in tissue section, as well as to allow clients to visualize scanned slides, and perform quantitative analysis for various stains.

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Analyst Recommendations for NeoGenomics (NASDAQ:NEO)

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