NeoGenomics (NASDAQ:NEO) Price Target Cut to $19.00

NeoGenomics (NASDAQ:NEO) had its target price reduced by Needham & Company LLC from $24.00 to $19.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the medical research company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 35.42% from the company’s previous close.

A number of other research firms have also commented on NEO. The Goldman Sachs Group increased their price objective on NeoGenomics from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, February 22nd. Piper Sandler raised their target price on NeoGenomics from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, February 26th. Finally, William Blair reiterated an “outperform” rating on shares of NeoGenomics in a report on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.88.

NeoGenomics Price Performance

NeoGenomics stock traded down $1.19 during trading hours on Tuesday, hitting $14.03. The stock had a trading volume of 875,096 shares, compared to its average volume of 911,223. The company has a debt-to-equity ratio of 0.57, a current ratio of 6.20 and a quick ratio of 5.95. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -19.96 and a beta of 1.10. NeoGenomics has a 1-year low of $11.03 and a 1-year high of $21.22. The stock’s fifty day moving average is $15.05 and its two-hundred day moving average is $15.96.

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

Insider Activity

In related news, General Counsel Alicia C. Olivo sold 2,587 shares of NeoGenomics stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.96, for a total transaction of $38,701.52. Following the transaction, the general counsel now directly owns 34,866 shares of the company’s stock, valued at $521,595.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On NeoGenomics

A number of hedge funds and other institutional investors have recently modified their holdings of NEO. AE Wealth Management LLC boosted its position in shares of NeoGenomics by 14.4% in the 3rd quarter. AE Wealth Management LLC now owns 36,831 shares of the medical research company’s stock valued at $453,000 after purchasing an additional 4,646 shares during the period. Brown Advisory Inc. boosted its position in NeoGenomics by 25.0% during the 3rd quarter. Brown Advisory Inc. now owns 8,246,202 shares of the medical research company’s stock worth $101,428,000 after acquiring an additional 1,651,717 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in NeoGenomics by 17.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,643 shares of the medical research company’s stock worth $315,000 after acquiring an additional 3,837 shares during the period. BluePath Capital Management LLC acquired a new stake in NeoGenomics during the 3rd quarter worth about $30,000. Finally, Mackenzie Financial Corp acquired a new stake in NeoGenomics during the 3rd quarter worth about $199,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

About NeoGenomics

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.