NeoGenomics (NASDAQ:NEO) Sees Large Volume Increase – Here’s Why

Shares of NeoGenomics, Inc. (NASDAQ:NEO) saw strong trading volume on Wednesday . 3,425,861 shares traded hands during trading, an increase of 76% from the previous session’s volume of 1,947,726 shares.The stock last traded at $10.4480 and had previously closed at $10.49.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. TD Cowen increased their price target on NeoGenomics from $13.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. UBS Group reaffirmed a “hold” rating on shares of NeoGenomics in a report on Wednesday, February 18th. William Blair reiterated a “market perform” rating on shares of NeoGenomics in a research report on Monday, March 16th. Weiss Ratings upgraded NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 8th. Finally, Benchmark upgraded NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Wednesday, April 29th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.86.

NeoGenomics Stock Up 2.7%

The company has a market capitalization of $1.40 billion, a PE ratio of -13.98 and a beta of 1.82. The company has a debt-to-equity ratio of 0.41, a current ratio of 4.42 and a quick ratio of 4.06. The company has a 50-day moving average of $9.19 and a two-hundred day moving average of $10.29.

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

Insider Buying and Selling

In other NeoGenomics news, Director Lynn A. Tetrault sold 5,307 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $11.29, for a total transaction of $59,916.03. Following the sale, the director directly owned 91,422 shares of the company’s stock, valued at $1,032,154.38. This trade represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NeoGenomics

Institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Corp raised its holdings in NeoGenomics by 52.6% during the fourth quarter. First Horizon Corp now owns 2,509 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 865 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in NeoGenomics by 110.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock valued at $35,000 after acquiring an additional 1,556 shares during the period. Kestra Advisory Services LLC bought a new stake in NeoGenomics during the fourth quarter valued at about $39,000. Aster Capital Management DIFC Ltd raised its holdings in NeoGenomics by 42.5% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock valued at $26,000 after acquiring an additional 997 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in NeoGenomics by 77.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,466 shares of the medical research company’s stock valued at $42,000 after acquiring an additional 1,515 shares during the period. 98.50% of the stock is owned by institutional investors.

NeoGenomics Company Profile

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.