NeoGenomics (NASDAQ:NEO) Sets New 1-Year High – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price hit a new 52-week high on Monday . The stock traded as high as $16.64 and last traded at $16.5080, with a volume of 1224 shares changing hands. The stock had previously closed at $16.57.

Wall Street Analyst Weigh In

NEO has been the subject of several recent analyst reports. Zacks Research upgraded shares of NeoGenomics from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. TD Cowen reaffirmed a “buy” rating on shares of NeoGenomics in a report on Wednesday, July 15th. Needham & Company LLC boosted their price objective on NeoGenomics from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Craig Hallum reissued a “buy” rating and issued a $19.00 price objective on shares of NeoGenomics in a report on Wednesday, July 29th. Finally, Benchmark raised their target price on NeoGenomics from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.71.

NeoGenomics Price Performance

The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -41.33 and a beta of 1.74. The company has a quick ratio of 3.35, a current ratio of 3.60 and a debt-to-equity ratio of 0.48. The business has a 50-day simple moving average of $13.65 and a two-hundred day simple moving average of $10.87.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings results on Tuesday, July 28th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.02. NeoGenomics had a negative return on equity of 1.99% and a negative net margin of 6.77%.The company had revenue of $201.66 million for the quarter, compared to analysts’ expectations of $196.93 million. During the same period last year, the firm earned $0.03 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, research analysts predict that NeoGenomics, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Transactions at NeoGenomics

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

Hedge Funds Weigh In On NeoGenomics

Large investors have recently made changes to their positions in the business. First Horizon Corp lifted its stake 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 purchasing an additional 865 shares during the last quarter. Headlands Technologies LLC bought a new stake in NeoGenomics during the second quarter worth approximately $32,000. Caitong International Asset Management Co. Ltd grew its position in NeoGenomics by 110.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock worth $35,000 after buying an additional 1,556 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in NeoGenomics in the fourth quarter worth approximately $39,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of NeoGenomics by 77.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,466 shares of the medical research company’s stock valued at $42,000 after buying an additional 1,515 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

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.