NeoGenomics (NASDAQ:NEO) Trading Up 4.8% – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO) shares traded up 4.8% on Thursday . The stock traded as high as $19.23 and last traded at $19.2450. Approximately 255,486 shares changed hands during trading, a decline of 89% from the average session volume of 2,246,748 shares. The stock had previously closed at $18.36.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Cowen reaffirmed a “buy” rating on shares of NeoGenomics in a research report on Wednesday, July 15th. Benchmark increased their target price on shares of NeoGenomics from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, July 24th. 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 reiterated a “buy” rating and issued a $19.00 price objective on shares of NeoGenomics in a research note on Wednesday, July 29th. Finally, Needham & Company LLC raised their target price on NeoGenomics from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, NeoGenomics has an average rating of “Moderate Buy” and a consensus price target of $17.67.

NeoGenomics Stock Up 4.7%

The stock’s 50 day moving average is $16.65 and its 200 day moving average is $12.30. The company has a market capitalization of $2.47 billion, a PE ratio of -48.04 and a beta of 1.75. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.35 and a current ratio of 3.60.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. First Light Asset Management LLC increased its stake in NeoGenomics by 26.2% in the 2nd quarter. First Light Asset Management LLC now owns 12,279,523 shares of the medical research company’s stock worth $179,158,000 after acquiring an additional 2,549,545 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of NeoGenomics during the second quarter worth about $925,000. Integrated Wealth Concepts LLC purchased a new position in shares of NeoGenomics during the second quarter worth about $99,000. NewEdge Advisors LLC bought a new position in shares of NeoGenomics in the second quarter worth approximately $296,000. Finally, Squarepoint Ops LLC raised its stake in NeoGenomics by 118.3% in the second quarter. Squarepoint Ops LLC now owns 222,036 shares of the medical research company’s stock valued at $3,240,000 after purchasing an additional 120,342 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

NeoGenomics Company Profile

NeoGenomics, Inc is a provider of cancer-focused diagnostic testing and contract research services. The company operates clinical laboratories that support physicians, hospitals and other healthcare organizations with information used to help diagnose, classify and monitor cancer.

Its testing services include anatomic pathology, immunohistochemistry, flow cytometry, cytogenetics, fluorescence in situ hybridization, molecular testing and next-generation sequencing. NeoGenomics also provides biopharmaceutical companies with clinical trial testing, central laboratory services, biomarker development and other research services intended to support the development of oncology therapies and companion diagnostics.

Founded in 1999, NeoGenomics serves healthcare providers and pharmaceutical and biotechnology customers primarily in the United States, with additional capabilities supporting international clinical research programs.