NeoGenomics (NASDAQ:NEO) Shares Gap Down – What’s Next?

Shares of NeoGenomics, Inc. (NASDAQ:NEO) gapped down prior to trading on Tuesday . The stock had previously closed at $11.09, but opened at $10.29. NeoGenomics shares last traded at $10.5510, with a volume of 495,092 shares traded.

Analysts Set New Price Targets

Several research analysts recently weighed in on NEO shares. Weiss Ratings upgraded shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 8th. William Blair restated a “market perform” rating on shares of NeoGenomics in a research report on Monday, March 16th. Piper Sandler boosted their price objective on shares of NeoGenomics from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 24th. Needham & Company LLC boosted their price objective on shares of NeoGenomics from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Finally, UBS Group reiterated a “hold” rating on shares of NeoGenomics in a research report on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.86.

NeoGenomics Stock Down 2.4%

The firm’s 50-day simple moving average is $9.14 and its 200 day simple moving average is $10.30. The company has a market cap of $1.41 billion, a P/E ratio of -13.98 and a beta of 1.82. The company has a debt-to-equity ratio of 0.41, a quick ratio of 4.06 and a current ratio of 4.42.

NeoGenomics (NASDAQ:NEO) last issued its earnings results on Tuesday, April 28th. The medical research company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The company had revenue of $186.67 million during the quarter, compared to analysts’ expectations of $184.54 million. NeoGenomics had a negative net margin of 13.30% and a negative return on equity of 2.80%. The business’s revenue was up 11.3% compared to the same quarter last year. On average, research analysts forecast that NeoGenomics, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Activity at NeoGenomics

In other news, Director Lynn A. Tetrault sold 5,307 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $11.29, for a total value of $59,916.03. Following the completion of the transaction, the director owned 91,422 shares of the company’s stock, valued at $1,032,154.38. The trade was a 5.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NeoGenomics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amundi acquired a new position in shares of NeoGenomics in the 1st quarter valued at $157,000. California State Teachers Retirement System grew its holdings in shares of NeoGenomics by 56.8% in the 1st quarter. California State Teachers Retirement System now owns 194,103 shares of the medical research company’s stock valued at $1,440,000 after buying an additional 70,320 shares during the period. Royal Bank of Canada grew its holdings in shares of NeoGenomics by 79.9% in the 1st quarter. Royal Bank of Canada now owns 32,433 shares of the medical research company’s stock valued at $240,000 after buying an additional 14,402 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of NeoGenomics by 42.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 55,031 shares of the medical research company’s stock valued at $408,000 after buying an additional 16,365 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in shares of NeoGenomics by 21.7% in the 1st quarter. Quantinno Capital Management LP now owns 49,291 shares of the medical research company’s stock valued at $366,000 after buying an additional 8,796 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

About NeoGenomics

NeoGenomics, traded on the Nasdaq under the symbol NEO, is a leading provider of cancer-focused genetic and molecular testing services. Headquartered in Fort Myers, Florida, the company operates an integrated network of CAP-accredited and CLIA-certified laboratories across the United States, Europe and Asia. NeoGenomics delivers diagnostic insights that support oncologists, pathologists and healthcare institutions in the detection, prognosis and treatment of hematologic and solid tumor cancers.

The company’s core service offerings include flow cytometry, immunohistochemistry, fluorescence in situ hybridization (FISH), karyotyping and advanced molecular assays such as next-generation sequencing (NGS) panels and polymerase chain reaction (PCR) tests.