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

NeoGenomics, Inc. (NASDAQ:NEO) shares dropped 7.7% 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. Approximately 252,873 shares changed hands during trading, a decline of 72% from the average daily volume of 903,145 shares. The stock had previously closed at $15.22.

NEO has been the subject of a number of other reports. William Blair reaffirmed an “outperform” rating on shares of NeoGenomics in a report on Wednesday, February 21st. The Goldman Sachs Group lifted their price target on NeoGenomics from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, February 22nd. Finally, Piper Sandler lifted their price target on NeoGenomics from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, February 26th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, NeoGenomics has an average rating of “Moderate Buy” and an average price target of $18.88.

Insider Buying and Selling at NeoGenomics

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 2,587 shares of the business’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 sale, the general counsel now owns 34,866 shares in the company, valued at approximately $521,595.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On NeoGenomics

A number of institutional investors and hedge funds have recently made changes to their positions in NEO. BluePath Capital Management LLC bought a new stake in NeoGenomics in the 3rd quarter valued at $30,000. Burkett Financial Services LLC acquired a new stake in shares of NeoGenomics during the 4th quarter worth $46,000. Quadrant Capital Group LLC grew its holdings in shares of NeoGenomics by 22.0% during the 4th quarter. Quadrant Capital Group LLC now owns 4,900 shares of the medical research company’s stock worth $79,000 after purchasing an additional 883 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings 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 purchasing an additional 1,791 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of NeoGenomics during the 3rd quarter worth $133,000. Institutional investors own 98.50% of the company’s stock.

NeoGenomics Trading Down 8.1 %

The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -19.96 and a beta of 1.10. The company has a debt-to-equity ratio of 0.57, a quick ratio of 5.95 and a current ratio of 6.20. The firm has a fifty day moving average price of $15.05 and a 200-day moving average price of $15.96.

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