NeoGenomics (NASDAQ:NEO) Rating Lowered to Hold at Zacks Research

NeoGenomics (NASDAQ:NEO) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

A number of other research analysts have also recently commented on NEO. Needham & Company LLC upped their target price on NeoGenomics from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Benchmark upped their price objective on NeoGenomics from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Wall Street Zen upgraded NeoGenomics from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Weiss Ratings raised shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Finally, TD Cowen reiterated a “buy” rating on shares of NeoGenomics in a report on Wednesday, July 15th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $17.67.

NeoGenomics Price Performance

NeoGenomics stock opened at $18.74 on Monday. NeoGenomics has a 12-month low of $7.07 and a 12-month high of $20.05. The company has a current ratio of 3.60, a quick ratio of 3.35 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $17.03 and a 200-day moving average price of $12.59. The firm has a market capitalization of $2.41 billion, a PE ratio of -46.85 and a beta of 1.75.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings results on Tuesday, July 28th. The medical research company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.03 by $0.02. The company had revenue of $201.66 million for the quarter, compared to the consensus estimate of $196.93 million. NeoGenomics had a negative net margin of 6.77% and a negative return on equity of 1.99%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. As a group, equities research analysts forecast that NeoGenomics will post -0.09 EPS for the current year.

Institutional Investors Weigh In On NeoGenomics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Moors & Cabot Inc. boosted its position in NeoGenomics by 12.7% during the fourth quarter. Moors & Cabot Inc. now owns 15,500 shares of the medical research company’s stock worth $182,000 after purchasing an additional 1,750 shares in the last quarter. Allworth Financial LP lifted its holdings in NeoGenomics by 110.4% during the second quarter. Allworth Financial LP now owns 4,132 shares of the medical research company’s stock valued at $60,000 after purchasing an additional 2,168 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of NeoGenomics by 24.1% during the first quarter. Pictet Asset Management Holding SA now owns 21,923 shares of the medical research company’s stock worth $163,000 after purchasing an additional 4,252 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in NeoGenomics in the 2nd quarter valued at about $99,000. Finally, State of Wyoming increased its stake in NeoGenomics by 41.3% during the 4th quarter. State of Wyoming now owns 28,232 shares of the medical research company’s stock worth $332,000 after buying an additional 8,248 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.