NeoGenomics (NASDAQ:NEO) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of NeoGenomics (NASDAQ:NEO) from a hold rating to a buy rating in a report issued on Sunday,Wall Street Zen reports.

A number of other research analysts also recently issued reports on the company. Zacks Research downgraded NeoGenomics from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. TD Cowen boosted their price objective on NeoGenomics from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Piper Sandler reissued an “overweight” rating on shares of NeoGenomics in a report on Wednesday, October 7th. Jefferies Financial Group reissued a “buy” rating and issued a $21.00 price objective on shares of NeoGenomics in a report on Thursday, October 29th. Finally, Craig Hallum restated a “buy” rating and set a $19.00 target price on shares of NeoGenomics in a research report on Wednesday, July 29th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, NeoGenomics currently has an average rating of “Moderate Buy” and an average price target of $20.88.

NeoGenomics Stock Performance

NASDAQ NEO opened at $16.84 on Friday. The company has a fifty day moving average of $17.64 and a two-hundred day moving average of $12.92. The company has a market capitalization of $2.18 billion, a PE ratio of -67.36 and a beta of 1.87. NeoGenomics has a 1 year low of $7.07 and a 1 year high of $20.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.53 and a quick ratio of 3.31.

NeoGenomics (NASDAQ:NEO) last posted its earnings results on Wednesday, October 28th. The medical research company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. NeoGenomics had a negative return on equity of 0.99% and a negative net margin of 4.10%. The business had revenue of $209.25 million for the quarter, compared to analysts’ expectations of $206.70 million. During the same quarter in the previous year, the firm earned $0.03 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. As a group, analysts expect that NeoGenomics will post -0.06 earnings per share for the current year.

Institutional Investors Weigh In On NeoGenomics

Several hedge funds have recently modified their holdings of the stock. Allworth Financial LP boosted its stake in shares of NeoGenomics by 53.9% in the third quarter. Allworth Financial LP now owns 6,361 shares of the medical research company’s stock valued at $117,000 after buying an additional 2,229 shares in the last quarter. Maryland State Retirement & Pension System raised its position in NeoGenomics by 51.7% in the third quarter. Maryland State Retirement & Pension System now owns 28,451 shares of the medical research company’s stock worth $522,000 after acquiring an additional 9,700 shares in the last quarter. Lisanti Capital Growth LLC purchased a new position in NeoGenomics in the third quarter worth $1,362,000. Jacobi Capital Management LLC acquired a new stake in NeoGenomics in the third quarter valued at $37,000. Finally, Illinois Municipal Retirement Fund boosted its position in shares of NeoGenomics by 6.1% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 67,830 shares of the medical research company’s stock worth $1,245,000 after purchasing an additional 3,915 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

NeoGenomics Company Profile

NeoGenomics, Inc (NASDAQ: NEO) is a cancer-focused diagnostics company that provides laboratory testing and related services to oncologists, hospitals, academic institutions, and biopharmaceutical companies. Its diagnostic offerings support the detection, classification, and monitoring of cancer and help inform treatment decisions.

The company’s services include pathology, immunohistochemistry, flow cytometry, cytogenetics, molecular testing, and other specialized oncology assays. NeoGenomics also provides clinical trial and pharmaceutical services, including biomarker testing, central laboratory support, and companion diagnostic development for drug developers.

Founded in 1999, NeoGenomics has expanded through internal growth and acquisitions and operates a network of clinical laboratories serving customers primarily in the United States, with additional international capabilities.