Zacks Investment Research Downgrades NeoGenomics Inc. (NEO) to Hold
NeoGenomics Inc. (NASDAQ:NEO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization, flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and other reference laboratories throughout the United States. “
Several other analysts also recently weighed in on NEO. Raymond James Financial Inc. assumed coverage on NeoGenomics in a report on Thursday, September 8th. They issued an “outperform” rating and a $10.00 target price for the company. BTIG Research restated a “buy” rating and issued a $10.00 price target on shares of NeoGenomics in a research report on Friday, July 8th. Benchmark Co. boosted their price target on NeoGenomics from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. Finally, Craig Hallum restated a “buy” rating on shares of NeoGenomics in a research report on Saturday, July 9th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $10.32.
NeoGenomics (NASDAQ:NEO) opened at 8.01 on Wednesday. NeoGenomics has a 12 month low of $5.49 and a 12 month high of $9.54. The firm’s 50-day moving average price is $8.10 and its 200-day moving average price is $8.04. The stock’s market cap is $623.92 million.
NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. The company earned $63.10 million during the quarter, compared to the consensus estimate of $61.07 million. NeoGenomics had a positive return on equity of 3.18% and a negative net margin of 3.76%. NeoGenomics’s revenue for the quarter was up 159.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.01 EPS. On average, analysts predict that NeoGenomics will post $0.13 earnings per share for the current year.
In related news, insider Maher Albitar sold 105,300 shares of the company’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $8.20, for a total value of $863,460.00. Following the sale, the insider now owns 105,300 shares of the company’s stock, valued at approximately $863,460. The transaction was disclosed in a filing with the SEC, which is available through this link. 12.20% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of NEO. Royce & Associates LP raised its stake in NeoGenomics by 278.4% in the first quarter. Royce & Associates LP now owns 473,000 shares of the company’s stock worth $3,188,000 after buying an additional 348,000 shares during the last quarter. State Street Corp raised its stake in NeoGenomics by 0.9% in the first quarter. State Street Corp now owns 777,559 shares of the company’s stock worth $5,241,000 after buying an additional 7,266 shares during the last quarter. Uniplan Investment Counsel Inc. raised its stake in NeoGenomics by 0.3% in the first quarter. Uniplan Investment Counsel Inc. now owns 821,860 shares of the company’s stock worth $5,539,000 after buying an additional 2,710 shares during the last quarter. Nicholas Investment Partners LP raised its stake in NeoGenomics by 45.3% in the first quarter. Nicholas Investment Partners LP now owns 303,810 shares of the company’s stock worth $2,048,000 after buying an additional 94,665 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in NeoGenomics by 3.8% in the first quarter. Geode Capital Management LLC now owns 355,158 shares of the company’s stock worth $2,393,000 after buying an additional 13,052 shares during the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.
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