NeoGenomics (NASDAQ:NEO) Trading 11.2% Higher – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO)’s share price traded up 11.2% on Wednesday . The company traded as high as $12.64 and last traded at $12.7520. 1,369,820 shares were traded during mid-day trading, a decline of 35% from the average session volume of 2,100,419 shares. The stock had previously closed at $11.47.

Wall Street Analyst Weigh In

NEO has been the subject of several research analyst reports. Piper Sandler increased their price objective on NeoGenomics from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 24th. Leerink Partners upgraded NeoGenomics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $12.00 to $25.00 in a report on Wednesday, April 29th. TD Cowen boosted their price objective on shares of NeoGenomics from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Benchmark raised NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Wednesday, April 29th. Finally, Weiss Ratings raised shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 8th. Six investment 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.86.

NeoGenomics Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 4.06 and a current ratio of 4.42. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -16.36 and a beta of 1.82. The company’s fifty day moving average is $9.50 and its two-hundred day moving average is $10.26.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings results on Tuesday, April 28th. The medical research company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. The firm had revenue of $186.67 million during 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 quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts forecast that NeoGenomics, Inc. will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other NeoGenomics news, Director Lynn A. Tetrault sold 5,307 shares of the stock in a transaction that occurred 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 sale, the director 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 sale 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 Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NEO. Aster Capital Management DIFC Ltd grew its holdings in NeoGenomics by 42.5% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock valued at $26,000 after purchasing an additional 997 shares in the last quarter. First Horizon Corp lifted its holdings in NeoGenomics by 52.6% in the 4th quarter. First Horizon Corp now owns 2,509 shares of the medical research company’s stock worth $30,000 after buying an additional 865 shares in the last quarter. Headlands Technologies LLC purchased a new position in NeoGenomics in the 2nd quarter valued at about $32,000. Caitong International Asset Management Co. Ltd boosted its position in NeoGenomics by 110.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock valued at $35,000 after buying an additional 1,556 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of NeoGenomics during the fourth quarter valued at about $39,000. 98.50% of the stock is owned by institutional investors and hedge funds.

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.