NeoGenomics (NASDAQ:NEO) Sets New 52-Week High – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO) hit a new 52-week high on Friday . The stock traded as high as $16.98 and last traded at $16.93, with a volume of 335879 shares traded. The stock had previously closed at $16.53.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. TD Cowen reiterated a “buy” rating on shares of NeoGenomics in a research note 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. Benchmark increased their price objective on shares of NeoGenomics from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Needham & Company LLC lifted their price objective on shares of NeoGenomics from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Zacks Research raised shares of NeoGenomics from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.71.

NeoGenomics Trading Up 2.7%

The firm has a market capitalization of $2.18 billion, a P/E ratio of -42.45 and a beta of 1.74. The business’s 50 day moving average is $14.50 and its two-hundred day moving average is $11.10. The company has a quick ratio of 3.35, a current ratio of 3.60 and a debt-to-equity ratio of 0.48.

NeoGenomics (NASDAQ:NEO) last released its 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. 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 analysts’ expectations of $196.93 million. During the same quarter last year, the company earned $0.03 EPS. NeoGenomics’s quarterly revenue was up 11.2% on a year-over-year basis. Analysts expect that NeoGenomics, Inc. will post -0.09 EPS for the current year.

Insider Activity

In related news, Director Lynn A. Tetrault sold 5,307 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $11.29, for a total transaction of $59,916.03. Following the transaction, the director owned 91,422 shares in the company, valued at $1,032,154.38. This trade represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On NeoGenomics

A number of institutional investors have recently added to or reduced their stakes in the company. American Capital Management Inc. acquired a new position in shares of NeoGenomics during the 2nd quarter valued at $32,648,000. Bank of New York Mellon Corp acquired a new stake in shares of NeoGenomics in the second quarter valued at $10,744,000. MFG Wealth Management Inc. acquired a new stake in shares of NeoGenomics in the second quarter valued at $1,218,000. Amundi bought a new position in NeoGenomics during the first quarter valued at about $157,000. Finally, California State Teachers Retirement System boosted its stake in NeoGenomics by 56.8% during the first 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 in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.