Needham & Company LLC Cuts NeoGenomics (NASDAQ:NEO) Price Target to $19.00

NeoGenomics (NASDAQ:NEO) had its target price trimmed by Needham & Company LLC from $24.00 to $19.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the medical research company’s stock.

A number of other brokerages have also commented on NEO. The Goldman Sachs Group increased their price objective on NeoGenomics from $17.00 to $19.00 and gave the company a buy rating in a research report on Thursday, February 22nd. Piper Sandler increased their price target on NeoGenomics from $18.00 to $20.00 and gave the company an overweight rating in a research note on Monday, February 26th. Finally, William Blair reiterated an outperform rating on shares of NeoGenomics in a report on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NeoGenomics presently has a consensus rating of Moderate Buy and a consensus target price of $19.78.

NeoGenomics Stock Up 3.9 %

Shares of NEO stock traded up $0.58 on Tuesday, hitting $15.30. The company’s stock had a trading volume of 875,872 shares, compared to its average volume of 934,598. The company has a debt-to-equity ratio of 0.58, a current ratio of 7.48 and a quick ratio of 5.95. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -23.18 and a beta of 1.12. NeoGenomics has a fifty-two week low of $11.03 and a fifty-two week high of $21.22. The firm’s fifty day moving average price is $14.92 and its 200-day moving average price is $15.97.

NeoGenomics (NASDAQ:NEO) last posted its quarterly earnings data on Tuesday, February 20th. The medical research company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.05. The business had revenue of $155.55 million during the quarter, compared to the consensus estimate of $152.90 million. NeoGenomics had a negative net margin of 13.79% and a negative return on equity of 3.54%. Research analysts anticipate that NeoGenomics will post -0.2 EPS for the current year.

Insider Activity

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 2,587 shares of NeoGenomics stock in a transaction dated 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 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 through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEO. AE Wealth Management LLC lifted its position in shares of NeoGenomics by 14.4% during the third quarter. AE Wealth Management LLC now owns 36,831 shares of the medical research company’s stock worth $453,000 after acquiring an additional 4,646 shares in the last quarter. Brown Advisory Inc. boosted its stake in NeoGenomics by 25.0% in the third quarter. Brown Advisory Inc. now owns 8,246,202 shares of the medical research company’s stock worth $101,428,000 after buying an additional 1,651,717 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in NeoGenomics by 17.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,643 shares of the medical research company’s stock valued at $315,000 after acquiring an additional 3,837 shares during the last quarter. BluePath Capital Management LLC bought a new stake in shares of NeoGenomics in the 3rd quarter worth approximately $30,000. Finally, Mackenzie Financial Corp bought a new position in shares of NeoGenomics during the third quarter valued at about $199,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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.