NeoGenomics (NASDAQ:NEO) Sets New 52-Week Low After Analyst Downgrade

Shares of NeoGenomics, Inc. (NASDAQ:NEO) reached a new 52-week low during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $10.00 to $8.00. Morgan Stanley currently has an equal weight rating on the stock. NeoGenomics traded as low as $5.00 and last traded at $5.41, with a volume of 1442341 shares trading hands. The stock had previously closed at $6.46.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group lowered their price objective on NeoGenomics from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Guggenheim began coverage on shares of NeoGenomics in a research report on Thursday, May 15th. They set a “neutral” rating for the company. Leerink Partners lowered shares of NeoGenomics from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $25.00 to $9.00 in a research report on Wednesday, April 30th. Needham & Company LLC dropped their target price on shares of NeoGenomics from $8.50 to $8.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, William Blair reiterated a “market perform” rating on shares of NeoGenomics in a research report on Tuesday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, NeoGenomics currently has a consensus rating of “Hold” and a consensus price target of $12.88.

Insider Activity

In other news, Director David Brian Perez bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average cost of $7.63 per share, with a total value of $76,300.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at $76,300. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Lynn A. Tetrault bought 7,000 shares of the firm’s stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average cost of $8.14 per share, for a total transaction of $56,980.00. Following the completion of the purchase, the director owned 7,000 shares of the company’s stock, valued at $56,980. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 70,600 shares of company stock valued at $550,438. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Summit Investment Advisors Inc. boosted its position in NeoGenomics by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,339 shares of the medical research company’s stock valued at $220,000 after acquiring an additional 863 shares in the last quarter. CWM LLC boosted its position in NeoGenomics by 42.6% during the 1st quarter. CWM LLC now owns 6,299 shares of the medical research company’s stock valued at $60,000 after acquiring an additional 1,883 shares in the last quarter. NewEdge Advisors LLC boosted its position in NeoGenomics by 15.9% during the 4th quarter. NewEdge Advisors LLC now owns 18,622 shares of the medical research company’s stock valued at $307,000 after acquiring an additional 2,558 shares in the last quarter. MetLife Investment Management LLC boosted its position in NeoGenomics by 3.5% during the 4th quarter. MetLife Investment Management LLC now owns 77,403 shares of the medical research company’s stock valued at $1,276,000 after acquiring an additional 2,596 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in NeoGenomics by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,544 shares of the medical research company’s stock valued at $1,196,000 after acquiring an additional 2,724 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

NeoGenomics Stock Performance

The company has a 50-day simple moving average of $7.08 and a two-hundred day simple moving average of $9.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.95 and a current ratio of 3.92. The firm has a market capitalization of $656.37 million, a P/E ratio of -6.30 and a beta of 1.63.

NeoGenomics (NASDAQ:NEO) last released its earnings results on Tuesday, April 29th. The medical research company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The business had revenue of $168.04 million during the quarter, compared to analysts’ expectations of $171.38 million. NeoGenomics had a negative return on equity of 2.72% and a negative net margin of 15.10%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.02) earnings per share. As a group, equities analysts forecast that NeoGenomics, Inc. will post -0.2 EPS for the current 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.