NeoGenomics (NASDAQ:NEO) Stock Price Up 4.8% – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO)’s share price rose 4.8% during mid-day trading on Thursday. The company traded as high as $19.23 and last traded at $19.2450. Approximately 255,486 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 2,246,748 shares. The stock had previously closed at $18.36.

Analyst Upgrades and Downgrades

NEO has been the subject of a number of research analyst reports. TD Cowen restated a “buy” rating on shares of NeoGenomics in a research report on Wednesday, July 15th. Wall Street Zen upgraded shares of NeoGenomics from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. Craig Hallum reiterated a “buy” rating and issued a $19.00 target price on shares of NeoGenomics in a research report on Wednesday, July 29th. Benchmark boosted their target price on shares of NeoGenomics from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.67.

NeoGenomics Price Performance

The stock’s 50-day moving average price is $16.84 and its 200 day moving average price is $12.42. 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 firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -48.32 and a beta of 1.75.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP acquired a new stake in shares of NeoGenomics in the first quarter valued at approximately $45,725,000. First Light Asset Management LLC boosted its stake in NeoGenomics by 26.2% during the second quarter. First Light Asset Management LLC now owns 12,279,523 shares of the medical research company’s stock worth $179,158,000 after buying an additional 2,549,545 shares during the last quarter. American Capital Management Inc. purchased a new stake in NeoGenomics in the 2nd quarter valued at $32,648,000. Granite Investment Partners LLC purchased a new stake in NeoGenomics in the 1st quarter valued at $5,583,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of NeoGenomics in the 2nd quarter worth $10,744,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

About NeoGenomics

NeoGenomics, Inc is a provider of cancer-focused diagnostic testing and contract research services. The company operates clinical laboratories that support physicians, hospitals and other healthcare organizations with information used to help diagnose, classify and monitor cancer.

Its testing services include anatomic pathology, immunohistochemistry, flow cytometry, cytogenetics, fluorescence in situ hybridization, molecular testing and next-generation sequencing. NeoGenomics also provides biopharmaceutical companies with clinical trial testing, central laboratory services, biomarker development and other research services intended to support the development of oncology therapies and companion diagnostics.

Founded in 1999, NeoGenomics serves healthcare providers and pharmaceutical and biotechnology customers primarily in the United States, with additional capabilities supporting international clinical research programs.