NeoGenomics (NASDAQ:NEO) Stock Price Up 11.2% – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO) shot up 11.2% during trading on Wednesday . The company traded as high as $12.64 and last traded at $12.7520. 1,369,820 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 2,100,419 shares. The stock had previously closed at $11.47.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Benchmark raised shares of NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research report on Wednesday, April 29th. Leerink Partners raised NeoGenomics from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $12.00 to $25.00 in a report on Wednesday, April 29th. William Blair reiterated a “market perform” rating on shares of NeoGenomics in a research report on Monday, March 16th. Piper Sandler boosted their target price on NeoGenomics from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Tuesday, February 24th. Finally, Weiss Ratings raised NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 8th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, NeoGenomics has a consensus rating of “Hold” and a consensus target price of $13.86.

NeoGenomics Price Performance

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 company has a market capitalization of $1.64 billion, a PE ratio of -16.36 and a beta of 1.82. The company’s 50-day simple moving average is $9.50 and its 200-day simple moving average is $10.26.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings results on Tuesday, April 28th. The medical research company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The firm had revenue of $186.67 million for the quarter, compared to analyst estimates of $184.54 million. NeoGenomics had a negative return on equity of 2.80% and a negative net margin of 13.30%.The company’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that NeoGenomics, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling at NeoGenomics

In related news, Director Lynn A. Tetrault sold 5,307 shares of NeoGenomics stock in a transaction on Tuesday, June 9th. The shares were 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 in the company, valued at $1,032,154.38. This trade represents a 5.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of NeoGenomics

Several hedge funds and other institutional investors have recently made changes to their positions in NEO. First Horizon Corp raised its holdings in NeoGenomics by 52.6% during the fourth 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 in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings 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 valued at $35,000 after purchasing an additional 1,556 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in NeoGenomics during the 4th quarter worth approximately $39,000. Aster Capital Management DIFC Ltd increased its position in NeoGenomics by 42.5% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock worth $26,000 after purchasing an additional 997 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in shares of NeoGenomics by 77.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,466 shares of the medical research company’s stock worth $42,000 after buying an additional 1,515 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.