NeoGenomics (NASDAQ:NEO) Shares Cross Above 50-Day Moving Average – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $10.75 and traded as high as $15.28. NeoGenomics shares last traded at $14.50, with a volume of 2,874,736 shares.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on NEO shares. Benchmark raised 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. Leerink Partners raised shares of NeoGenomics from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $12.00 to $25.00 in a research note on Wednesday, April 29th. Wall Street Zen upgraded shares of NeoGenomics from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. TD Cowen increased their target price on shares of NeoGenomics from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings downgraded shares of NeoGenomics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $13.86.

NeoGenomics Stock Up 3.4%

The firm has a fifty day simple moving average of $10.97 and a 200-day simple moving average of $10.48. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -19.13 and a beta of 1.74. 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 announced its quarterly earnings results on Tuesday, April 28th. The medical research company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $184.54 million. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts expect that NeoGenomics, Inc. will post -0.15 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On NeoGenomics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aberdeen Group plc increased its holdings in shares of NeoGenomics by 127.1% during the fourth quarter. Aberdeen Group plc now owns 1,798,939 shares of the medical research company’s stock worth $21,156,000 after buying an additional 1,006,676 shares in the last quarter. Greenhouse Funds LLLP boosted its holdings 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 acquiring an additional 789,510 shares in the last quarter. Silverback Asset Management LLC acquired a new stake in shares of NeoGenomics during the 3rd quarter valued at $1,554,000. First Light Asset Management LLC grew its position in NeoGenomics by 45.0% during the 3rd quarter. First Light Asset Management LLC now owns 9,927,269 shares of the medical research company’s stock worth $76,639,000 after acquiring an additional 3,080,837 shares during the last quarter. Finally, Granite Investment Partners LLC bought a new stake in NeoGenomics during the 1st quarter worth $5,583,000. Institutional investors own 98.50% of the company’s stock.

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.