NeoGenomics (NASDAQ:NEO) Shares Gap Down – What’s Next?

Shares of NeoGenomics, Inc. (NASDAQ:NEO) gapped down before the market opened on Tuesday . The stock had previously closed at $11.09, but opened at $10.29. NeoGenomics shares last traded at $10.5510, with a volume of 495,092 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on NEO. William Blair reaffirmed a “market perform” rating on shares of NeoGenomics in a report on Monday, March 16th. Weiss Ratings raised NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 8th. Piper Sandler lifted their price objective on NeoGenomics from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Tuesday, February 24th. Needham & Company LLC lifted their price objective on NeoGenomics from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Leerink Partners raised NeoGenomics from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $12.00 to $25.00 in a report on Wednesday, April 29th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.86.

NeoGenomics Stock Down 2.4%

The company has a quick ratio of 4.06, a current ratio of 4.42 and a debt-to-equity ratio of 0.41. The business has a fifty day simple moving average of $9.14 and a two-hundred day simple moving average of $10.30. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -13.98 and a beta of 1.82.

NeoGenomics (NASDAQ:NEO) last announced its earnings results on Tuesday, April 28th. The medical research company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The business had revenue of $186.67 million for 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 revenue was up 11.3% compared to the same quarter last year. Equities analysts expect that NeoGenomics, Inc. will post -0.15 EPS for the current year.

Insider Activity at NeoGenomics

In other news, Director Lynn A. Tetrault sold 5,307 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $11.29, for a total value of $59,916.03. Following the transaction, 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 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 owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Aster Capital Management DIFC Ltd boosted its holdings in shares of NeoGenomics by 42.5% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock worth $26,000 after acquiring an additional 997 shares in the last quarter. First Horizon Corp raised its position 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 purchasing an additional 865 shares during the last quarter. Headlands Technologies LLC bought a new position in NeoGenomics in the 2nd quarter worth approximately $32,000. Caitong International Asset Management Co. Ltd raised 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 worth $35,000 after purchasing an additional 1,556 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in NeoGenomics in the 4th quarter worth approximately $39,000. 98.50% of the stock is owned by institutional investors and hedge funds.

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.