According to Zacks, “NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization, flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and other reference laboratories throughout the United States. “
Several other brokerages have also weighed in on NEO. Cowen initiated coverage on NeoGenomics in a research report on Thursday, December 16th. They issued an outperform rating and a $42.00 target price on the stock. Raymond James raised NeoGenomics from a market perform rating to an outperform rating and set a $53.00 target price on the stock in a research report on Thursday, October 14th. Stephens dropped their target price on NeoGenomics from $60.00 to $53.00 and set an overweight rating on the stock in a research report on Friday, November 5th. SVB Leerink decreased their price target on NeoGenomics from $63.00 to $60.00 and set an outperform rating for the company in a research note on Friday, November 5th. Finally, Morgan Stanley downgraded NeoGenomics from an overweight rating to an equal weight rating and decreased their price target for the stock from $58.00 to $45.00 in a research note on Friday, November 5th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $51.40.
NeoGenomics (NASDAQ:NEO) last issued its earnings results on Thursday, November 4th. The medical research company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01. NeoGenomics had a negative return on equity of 1.33% and a net margin of 10.08%. The company had revenue of $121.30 million for the quarter, compared to analyst estimates of $125.09 million. During the same period in the prior year, the firm posted $0.04 EPS. The business’s revenue was down 3.3% compared to the same quarter last year. As a group, research analysts expect that NeoGenomics will post -0.41 EPS for the current year.
In other news, CEO Mark Mallon acquired 17,000 shares of NeoGenomics stock in a transaction on Monday, December 6th. The stock was bought at an average price of $30.63 per share, for a total transaction of $520,710.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas Matthew Brown sold 33,333 shares of the firm’s stock in a transaction that occurred on Tuesday, November 23rd. The stock was sold at an average price of $37.19, for a total value of $1,239,654.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,513 shares of company stock valued at $2,532,622. 4.70% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in NEO. Vanguard Group Inc. raised its holdings in shares of NeoGenomics by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 12,197,560 shares of the medical research company’s stock worth $550,964,000 after buying an additional 168,921 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of NeoGenomics by 36.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,585,848 shares of the medical research company’s stock worth $365,942,000 after buying an additional 2,037,787 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of NeoGenomics by 43.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 6,931,041 shares of the medical research company’s stock worth $334,353,000 after buying an additional 2,086,662 shares in the last quarter. State Street Corp raised its holdings in shares of NeoGenomics by 5.8% in the 2nd quarter. State Street Corp now owns 3,489,471 shares of the medical research company’s stock worth $157,619,000 after buying an additional 190,095 shares in the last quarter. Finally, Macquarie Group Ltd. raised its holdings in shares of NeoGenomics by 134.3% in the 3rd quarter. Macquarie Group Ltd. now owns 2,042,456 shares of the medical research company’s stock worth $98,528,000 after buying an additional 1,170,745 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.
NeoGenomics, Inc is a clinical laboratory company, which engages in cancer genetics diagnostic testing and pharma services. It operates through the Clinical Services and Pharma Services segments. The Clinical Services segment offers cancer testing services to community-based pathologists, hospitals, academic centers, and oncology groups.
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