NeoGenomics (NASDAQ:NEO) Trading 7.2% Higher – Here’s Why

Shares of NeoGenomics, Inc. (NASDAQ:NEO) traded up 7.2% during mid-day trading on Tuesday . The company traded as high as $9.83 and last traded at $9.75. 448,052 shares were traded during mid-day trading, a decline of 43% from the average session volume of 783,495 shares. The stock had previously closed at $9.09.

Analysts Set New Price Targets

Several equities analysts have recently commented on NEO shares. Bank of America lowered their price target on shares of NeoGenomics from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, February 19th. The Goldman Sachs Group dropped their price target on shares of NeoGenomics from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Needham & Company LLC reduced their price objective on NeoGenomics from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Jefferies Financial Group assumed coverage on NeoGenomics in a research report on Tuesday, December 10th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Piper Sandler cut their target price on NeoGenomics from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.60.

NeoGenomics Trading Up 19.7 %

The company has a current ratio of 1.98, a quick ratio of 1.91 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $13.63 and a 200-day moving average price of $14.96. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -17.55 and a beta of 1.28.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings results on Tuesday, February 18th. The medical research company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). NeoGenomics had a negative return on equity of 2.10% and a negative net margin of 11.92%. The business had revenue of $172.00 million during the quarter, compared to the consensus estimate of $173.40 million. As a group, sell-side analysts predict that NeoGenomics, Inc. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its holdings in shares of NeoGenomics by 5.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,610 shares of the medical research company’s stock valued at $257,000 after purchasing an additional 770 shares during the last quarter. Summit Investment Advisors Inc. grew its position in NeoGenomics by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,339 shares of the medical research company’s stock worth $220,000 after purchasing an additional 863 shares in the last quarter. FMR LLC grew its holdings in shares of NeoGenomics by 7.6% during the third quarter. FMR LLC now owns 13,255 shares of the medical research company’s stock valued at $196,000 after buying an additional 931 shares in the last quarter. Blue Trust Inc. lifted its position in shares of NeoGenomics by 33.2% in the fourth quarter. Blue Trust Inc. now owns 4,421 shares of the medical research company’s stock worth $73,000 after purchasing an additional 1,103 shares in the last quarter. Finally, KBC Group NV grew its stake in NeoGenomics by 33.1% in the third quarter. KBC Group NV now owns 4,530 shares of the medical research company’s stock valued at $67,000 after purchasing an additional 1,127 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

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.