NeoGenomics (NASDAQ:NEO) Trading Down 7.7% After Analyst Downgrade

NeoGenomics, Inc. (NASDAQ:NEO)’s share price traded down 7.7% during mid-day trading on Tuesday after TD Cowen lowered their price target on the stock from $21.00 to $20.00. TD Cowen currently has a buy rating on the stock. NeoGenomics traded as low as $13.70 and last traded at $14.05. 252,873 shares were traded during mid-day trading, a decline of 72% from the average session volume of 903,145 shares. The stock had previously closed at $15.22.

Several other research analysts have also recently weighed in on NEO. Piper Sandler boosted their price target on shares of NeoGenomics from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, February 26th. Benchmark reissued a “buy” rating and set a $18.00 price target on shares of NeoGenomics in a research report on Wednesday. The Goldman Sachs Group boosted their price target on shares of NeoGenomics from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Craig Hallum started coverage on shares of NeoGenomics in a research report on Wednesday. They set a “buy” rating and a $26.00 price target on the stock. Finally, William Blair reissued an “outperform” rating on shares of NeoGenomics in a research report on Wednesday, February 21st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.78.

Insiders Place Their Bets

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 2,587 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.96, for a total transaction of $38,701.52. Following the sale, the general counsel now directly owns 34,866 shares in the company, valued at $521,595.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On NeoGenomics

A number of institutional investors and hedge funds have recently made changes to their positions in NEO. Brown Advisory Inc. grew its position in shares of NeoGenomics by 25.0% during the third quarter. Brown Advisory Inc. now owns 8,246,202 shares of the medical research company’s stock worth $101,428,000 after buying an additional 1,651,717 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in NeoGenomics by 17.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,643 shares of the medical research company’s stock valued at $315,000 after purchasing an additional 3,837 shares in the last quarter. BluePath Capital Management LLC acquired a new position in NeoGenomics in the third quarter valued at approximately $30,000. Mackenzie Financial Corp acquired a new position in NeoGenomics in the third quarter valued at approximately $199,000. Finally, Inspire Investing LLC acquired a new position in NeoGenomics in the third quarter valued at approximately $316,000. 98.50% of the stock is owned by institutional investors and hedge funds.

NeoGenomics Price Performance

The stock has a fifty day moving average of $14.99 and a 200-day moving average of $15.96. The company has a quick ratio of 5.95, a current ratio of 6.20 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -19.94 and a beta of 1.10.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings results on Tuesday, February 20th. The medical research company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.05. The firm had revenue of $155.55 million during the quarter, compared to the consensus estimate of $152.90 million. NeoGenomics had a negative return on equity of 4.13% and a negative net margin of 14.87%. On average, equities research analysts predict that NeoGenomics, Inc. will post -0.2 EPS for the current fiscal year.

NeoGenomics Company Profile

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.