First Light Asset Management LLC Sells 305,085 Shares of NeoGenomics, Inc. $NEO

First Light Asset Management LLC cut its stake in NeoGenomics, Inc. (NASDAQ:NEO) by 3.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 9,729,978 shares of the medical research company’s stock after selling 305,085 shares during the period. NeoGenomics accounts for 6.5% of First Light Asset Management LLC’s portfolio, making the stock its 3rd biggest position. First Light Asset Management LLC owned 0.07% of NeoGenomics worth $72,196,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Aberdeen Group plc boosted its stake in shares of NeoGenomics by 127.1% in the 4th quarter. Aberdeen Group plc now owns 1,798,939 shares of the medical research company’s stock valued at $21,156,000 after purchasing an additional 1,006,676 shares during the last quarter. Granite Investment Partners LLC bought a new position in NeoGenomics during the first quarter worth $5,583,000. Louisiana State Employees Retirement System bought a new position in NeoGenomics during the first quarter worth $426,000. First Trust Advisors LP acquired a new position in NeoGenomics in the first quarter valued at $45,725,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in NeoGenomics by 67.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 139,809 shares of the medical research company’s stock valued at $1,037,000 after buying an additional 56,284 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

NeoGenomics Stock Performance

NASDAQ:NEO opened at $13.89 on Monday. The company has a current ratio of 4.42, a quick ratio of 4.06 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -18.04 and a beta of 1.74. The firm has a fifty day simple moving average of $12.19 and a two-hundred day simple moving average of $10.64. NeoGenomics, Inc. has a 12 month low of $4.72 and a 12 month high of $15.57.

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, 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 net margin of 13.30% and a negative return on equity of 2.80%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts expect that NeoGenomics, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity at NeoGenomics

In related 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 directly 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 SEC, which is available at 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.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NEO. Benchmark increased their price target on NeoGenomics from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday. Wall Street Zen raised NeoGenomics from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Leerink Partners upgraded NeoGenomics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $12.00 to $25.00 in a research report on Wednesday, April 29th. Weiss Ratings raised NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Finally, TD Cowen reiterated a “buy” rating on shares of NeoGenomics in a report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.57.

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.