NeoGenomics (NASDAQ:NEO) Stock Price Down 7.7% on Analyst Downgrade

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price fell 7.7% during trading on Tuesday after Needham & Company LLC lowered their price target on the stock from $24.00 to $19.00. Needham & Company LLC currently has a buy rating on the stock. NeoGenomics traded as low as $13.70 and last traded at $14.05. 252,873 shares were traded during trading, a decline of 72% from the average session volume of 903,145 shares. The stock had previously closed at $15.22.

Other analysts have also recently issued reports about the company. William Blair reissued an “outperform” rating on shares of NeoGenomics in a report on Wednesday, February 21st. Piper Sandler upped their target price on shares of NeoGenomics from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, February 26th. Finally, The Goldman Sachs Group raised their price objective on NeoGenomics from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Insiders Place Their Bets

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 transaction of $38,701.52. Following the completion of the transaction, the general counsel now owns 34,866 shares of the company’s stock, valued at approximately $521,595.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of NeoGenomics

Hedge funds and other institutional investors have recently modified their holdings of the stock. BluePath Capital Management LLC bought a new stake in shares of NeoGenomics during the 3rd quarter valued at $30,000. Burkett Financial Services LLC acquired a new stake in shares of NeoGenomics in the 4th quarter valued at $46,000. Quadrant Capital Group LLC increased its stake in shares of NeoGenomics by 22.0% in the 4th quarter. Quadrant Capital Group LLC now owns 4,900 shares of the medical research company’s stock valued at $79,000 after purchasing an additional 883 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of NeoGenomics during the 3rd quarter worth $133,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of 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. Institutional investors own 98.50% of the company’s stock.

NeoGenomics Stock Performance

The stock has a 50-day simple moving average of $15.04 and a 200-day simple moving average of $15.97. The company has a debt-to-equity ratio of 0.57, a current ratio of 6.20 and a quick ratio of 5.95. The stock has a market cap of $1.78 billion, a P/E ratio of -19.89 and a beta of 1.10.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings data on Tuesday, February 20th. The medical research company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. NeoGenomics had a negative return on equity of 4.13% and a negative net margin of 14.87%. The business had revenue of $155.55 million for the quarter, compared to analyst estimates of $152.90 million. Research analysts forecast that NeoGenomics, Inc. 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.