NeoGenomics (NASDAQ:NEO) Reaches New 12-Month High – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $16.98 and last traded at $16.93, with a volume of 335879 shares traded. The stock had previously closed at $16.53.

Analyst Upgrades and Downgrades

NEO has been the subject of a number of research reports. Leerink Partners upgraded shares of NeoGenomics from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $12.00 to $25.00 in a report on Wednesday, April 29th. Weiss Ratings upgraded shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Craig Hallum reaffirmed a “buy” rating and set a $19.00 price objective on shares of NeoGenomics in a research report on Wednesday, July 29th. TD Cowen reiterated a “buy” rating on shares of NeoGenomics in a research note on Wednesday, July 15th. Finally, Zacks Research upgraded NeoGenomics from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, NeoGenomics presently has an average rating of “Moderate Buy” and an average target price of $16.71.

NeoGenomics Price Performance

The company has a market capitalization of $2.18 billion, a PE ratio of -42.47 and a beta of 1.74. The company has a current ratio of 3.60, a quick ratio of 3.35 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $14.38 and a 200-day simple moving average of $11.06.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings data on Tuesday, July 28th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. NeoGenomics had a negative return on equity of 1.99% and a negative net margin of 6.77%.The business had revenue of $201.66 million during the quarter, compared to analysts’ expectations of $196.93 million. During the same period in the prior year, the firm posted $0.03 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities analysts anticipate that NeoGenomics, Inc. will post -0.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Lynn A. Tetrault sold 5,307 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $11.29, for a total value of $59,916.03. Following the completion of the transaction, the director directly owned 91,422 shares of the company’s stock, valued at $1,032,154.38. This represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by insiders.

Institutional Trading of NeoGenomics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in shares of NeoGenomics by 51.2% in the 1st quarter. Royal Bank of Canada now owns 56,026 shares of the medical research company’s stock valued at $532,000 after buying an additional 18,966 shares in the last quarter. AQR Capital Management LLC purchased a new stake in NeoGenomics in the first quarter valued at $271,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in NeoGenomics by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 75,798 shares of the medical research company’s stock valued at $719,000 after acquiring an additional 3,254 shares during the last quarter. Intech Investment Management LLC boosted its stake in NeoGenomics by 19.7% in the first quarter. Intech Investment Management LLC now owns 151,806 shares of the medical research company’s stock valued at $1,441,000 after acquiring an additional 24,965 shares in the last quarter. Finally, Creative Planning boosted its stake in NeoGenomics by 20.4% in the second quarter. Creative Planning now owns 16,735 shares of the medical research company’s stock valued at $122,000 after acquiring an additional 2,840 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.