NeoGenomics (NASDAQ:NEO) Sees Large Volume Increase – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO) saw unusually-high trading volume on Wednesday . Approximately 3,425,861 shares traded hands during mid-day trading, an increase of 76% from the previous session’s volume of 1,947,726 shares.The stock last traded at $10.4480 and had previously closed at $10.49.

Wall Street Analysts Forecast Growth

NEO has been the topic of several recent research reports. Piper Sandler upped their price target on NeoGenomics from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 24th. Needham & Company LLC upped their price target on NeoGenomics from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Leerink Partners upgraded NeoGenomics from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $12.00 to $25.00 in a research note on Wednesday, April 29th. Zacks Research downgraded NeoGenomics from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Finally, TD Cowen upped their price target on NeoGenomics from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $13.86.

NeoGenomics Price Performance

The firm has a market capitalization of $1.40 billion, a P/E ratio of -13.98 and a beta of 1.82. 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 50-day moving average of $9.19 and a 200-day moving average of $10.29.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings data 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 business had revenue of $186.67 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 11.3% compared to the same quarter last year. As a group, analysts predict that NeoGenomics, Inc. will post -0.15 EPS for the current year.

Insider Transactions at NeoGenomics

In related news, Director Lynn A. Tetrault sold 5,307 shares of the company’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 approximately $1,032,154.38. This represents a 5.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NeoGenomics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amundi bought a new position in shares of NeoGenomics during the 1st quarter valued at $157,000. California State Teachers Retirement System lifted its holdings in shares of NeoGenomics by 56.8% during the 1st quarter. California State Teachers Retirement System now owns 194,103 shares of the medical research company’s stock valued at $1,440,000 after buying an additional 70,320 shares during the period. Royal Bank of Canada lifted its holdings in shares of NeoGenomics by 79.9% during the 1st quarter. Royal Bank of Canada now owns 32,433 shares of the medical research company’s stock valued at $240,000 after buying an additional 14,402 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of NeoGenomics by 42.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 55,031 shares of the medical research company’s stock valued at $408,000 after buying an additional 16,365 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in shares of NeoGenomics by 21.7% during the 1st quarter. Quantinno Capital Management LP now owns 49,291 shares of the medical research company’s stock valued at $366,000 after buying an additional 8,796 shares during the period. 98.50% of the stock is owned by institutional investors.

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.