NeoGenomics (NASDAQ:NEO) Sets New 52-Week High – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $19.12 and last traded at $18.61, with a volume of 711302 shares changing hands. The stock had previously closed at $18.36.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of NeoGenomics in a research note on Tuesday, September 24th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 target price on shares of NeoGenomics in a research report on Wednesday, November 6th. Jefferies Financial Group began coverage on shares of NeoGenomics in a research report on Tuesday, December 10th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Bank of America increased their price objective on shares of NeoGenomics from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.30.

NeoGenomics Trading Up 1.4 %

The stock has a market cap of $2.39 billion, a PE ratio of -30.51 and a beta of 1.24. The company’s 50-day moving average price is $16.70 and its 200 day moving average price is $15.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.91 and a current ratio of 1.99.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings results on Tuesday, November 5th. The medical research company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.01 by $0.04. The business had revenue of $167.80 million for the quarter, compared to analyst estimates of $167.00 million. NeoGenomics had a negative return on equity of 2.11% and a negative net margin of 12.07%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) EPS. On average, sell-side analysts forecast that NeoGenomics, Inc. will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling at NeoGenomics

In related news, General Counsel Alicia C. Olivo sold 5,175 shares of NeoGenomics stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $15.36, for a total value of $79,488.00. Following the completion of the sale, the general counsel now owns 37,129 shares in the company, valued at approximately $570,301.44. This trade represents a 12.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NEO. Versant Capital Management Inc boosted its holdings in NeoGenomics by 174.9% during the 4th quarter. Versant Capital Management Inc now owns 1,795 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 1,142 shares during the period. Quarry LP purchased a new position in shares of NeoGenomics in the third quarter valued at approximately $40,000. Blue Trust Inc. grew its holdings in shares of NeoGenomics by 42.3% in the third quarter. Blue Trust Inc. now owns 3,318 shares of the medical research company’s stock valued at $46,000 after purchasing an additional 987 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in NeoGenomics during the 2nd quarter worth approximately $57,000. Finally, KBC Group NV lifted its holdings in NeoGenomics by 33.1% during the 3rd quarter. KBC Group NV now owns 4,530 shares of the medical research company’s stock worth $67,000 after buying an additional 1,127 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 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.