NeoGenomics (NASDAQ:NEO) Trading 7.9% Higher – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price rose 7.9% during trading on Thursday . The stock traded as high as $10.67 and last traded at $10.9420. Approximately 90,717 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,915,082 shares. The stock had previously closed at $10.14.

Analyst Upgrades and Downgrades

NEO has been the topic of several recent analyst reports. Weiss Ratings cut NeoGenomics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, May 21st. Zacks Research cut NeoGenomics from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Needham & Company LLC boosted their price objective on NeoGenomics from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. UBS Group reissued a “hold” rating on shares of NeoGenomics in a report on Wednesday, February 18th. Finally, Benchmark raised NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Wednesday, April 29th. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, NeoGenomics currently has an average rating of “Hold” and an average target price of $13.86.

NeoGenomics Stock Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 4.42 and a quick ratio of 4.06. The stock has a market capitalization of $1.47 billion, a P/E ratio of -14.68 and a beta of 1.82. The company has a fifty day moving average of $8.57 and a two-hundred day moving average of $10.29.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings data on Tuesday, April 28th. The medical research company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The firm had revenue of $186.67 million during the quarter, compared to analyst estimates of $184.54 million. NeoGenomics had a negative return on equity of 2.80% and a negative net margin of 13.30%.NeoGenomics’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts anticipate that NeoGenomics, Inc. will post -0.15 EPS for the current year.

Hedge Funds Weigh In On NeoGenomics

Several institutional investors have recently made changes to their positions in NEO. Aster Capital Management DIFC Ltd grew its holdings in shares of NeoGenomics by 42.5% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock valued at $26,000 after purchasing an additional 997 shares during the last quarter. First Horizon Corp grew its holdings in shares of NeoGenomics by 52.6% during the fourth quarter. First Horizon Corp now owns 2,509 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 865 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of NeoGenomics during the second quarter valued at approximately $32,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of NeoGenomics by 110.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock valued at $35,000 after purchasing an additional 1,556 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of NeoGenomics during the fourth quarter valued at approximately $39,000. 98.50% of the stock is owned by institutional investors.

About NeoGenomics

NeoGenomics, traded on the Nasdaq under the symbol NEO, is a leading provider of cancer-focused genetic and molecular testing services. Headquartered in Fort Myers, Florida, the company operates an integrated network of CAP-accredited and CLIA-certified laboratories across the United States, Europe and Asia. NeoGenomics delivers diagnostic insights that support oncologists, pathologists and healthcare institutions in the detection, prognosis and treatment of hematologic and solid tumor cancers.

The company’s core service offerings include flow cytometry, immunohistochemistry, fluorescence in situ hybridization (FISH), karyotyping and advanced molecular assays such as next-generation sequencing (NGS) panels and polymerase chain reaction (PCR) tests.