Granite Investment Partners LLC Buys Shares of 752,478 NeoGenomics, Inc. $NEO

Granite Investment Partners LLC purchased a new position in NeoGenomics, Inc. (NASDAQ:NEO) during the first quarter, HoldingsChannel.com reports. The fund purchased 752,478 shares of the medical research company’s stock, valued at approximately $5,583,000.

Other hedge funds also recently bought and sold shares of the company. Aberdeen Group plc lifted its stake in NeoGenomics by 127.1% in the 4th quarter. Aberdeen Group plc now owns 1,798,939 shares of the medical research company’s stock worth $21,156,000 after purchasing an additional 1,006,676 shares in the last quarter. Greenhouse Funds LLLP grew its position in shares of NeoGenomics by 10.6% during the 3rd quarter. Greenhouse Funds LLLP now owns 8,220,657 shares of the medical research company’s stock valued at $63,463,000 after purchasing an additional 789,510 shares in the last quarter. Silverback Asset Management LLC bought a new position in shares of NeoGenomics in the third quarter worth $1,554,000. First Light Asset Management LLC increased its holdings in shares of NeoGenomics by 45.0% in the third quarter. First Light Asset Management LLC now owns 9,927,269 shares of the medical research company’s stock worth $76,639,000 after purchasing an additional 3,080,837 shares during the period. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of NeoGenomics in the first quarter worth $426,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Activity at NeoGenomics

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

NeoGenomics Price Performance

NEO stock opened at $14.24 on Thursday. The firm has a market cap of $1.85 billion, a P/E ratio of -18.49 and a beta of 1.74. The firm’s fifty day moving average is $10.86 and its 200 day moving average is $10.46. NeoGenomics, Inc. has a 52 week low of $4.72 and a 52 week high of $15.57. 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 posted its quarterly earnings results on Tuesday, April 28th. The medical research company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. NeoGenomics had a negative net margin of 13.30% and a negative return on equity of 2.80%. The business had revenue of $186.67 million during the quarter, compared to the consensus estimate of $184.54 million. NeoGenomics’s quarterly revenue was up 11.3% compared to the same quarter last year. Research analysts predict that NeoGenomics, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Weiss Ratings lowered NeoGenomics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. Leerink Partners upgraded NeoGenomics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $12.00 to $25.00 in a research note on Wednesday, April 29th. William Blair reaffirmed a “market perform” rating on shares of NeoGenomics in a report on Monday, March 16th. Benchmark upgraded NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research report on Wednesday, April 29th. Finally, TD Cowen boosted their price objective on NeoGenomics from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.86.

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.