NeoGenomics (NASDAQ:NEO) Trading 5.1% Higher – Here’s Why

Shares of NeoGenomics, Inc. (NASDAQ:NEO) traded up 5.1% during trading on Tuesday . The company traded as high as $18.95 and last traded at $18.82. 186,976 shares changed hands during trading, a decline of 77% from the average session volume of 798,786 shares. The stock had previously closed at $17.91.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NEO shares. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of NeoGenomics in a research report on Tuesday, September 24th. Needham & Company LLC reissued a “buy” rating and set a $19.00 price target on shares of NeoGenomics in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group started coverage on NeoGenomics in a report on Tuesday. They set a “buy” rating and a $22.00 price objective for the company. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $20.44.

NeoGenomics Stock Performance

The company has a quick ratio of 1.91, a current ratio of 1.99 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $15.07 and a 200 day moving average price of $15.03. The stock has a market cap of $2.37 billion, a PE ratio of -30.25 and a beta of 1.24.

NeoGenomics (NASDAQ:NEO) last posted its earnings results on Tuesday, November 5th. The medical research company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. NeoGenomics had a negative net margin of 12.07% and a negative return on equity of 2.11%. The business had revenue of $167.80 million for the quarter, compared to the consensus estimate of $167.00 million. During the same quarter last year, the firm posted ($0.06) EPS. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, research analysts forecast that NeoGenomics, Inc. will post -0.17 earnings per share for the current year.

Insiders Place Their Bets

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 5,175 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $15.36, for a total transaction of $79,488.00. Following the completion of the sale, the general counsel now directly owns 37,129 shares of the company’s stock, valued at approximately $570,301.44. This represents a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Blue Trust Inc. grew its stake in NeoGenomics by 107.2% during the 2nd quarter. Blue Trust Inc. now owns 2,331 shares of the medical research company’s stock worth $32,000 after buying an additional 1,206 shares during the last quarter. Oak Family Advisors LLC increased its holdings in shares of NeoGenomics by 1.4% during the second quarter. Oak Family Advisors LLC now owns 109,095 shares of the medical research company’s stock valued at $1,513,000 after acquiring an additional 1,454 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of NeoGenomics by 1.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 64,300 shares of the medical research company’s stock valued at $892,000 after purchasing an additional 1,200 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in NeoGenomics by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 953,875 shares of the medical research company’s stock worth $13,230,000 after purchasing an additional 16,023 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in NeoGenomics by 36.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 29,040 shares of the medical research company’s stock worth $403,000 after purchasing an additional 7,793 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

About NeoGenomics

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. It operates through Clinical Services and Advanced Diagnostics segments. The company offers testing services to hospitals, academic centers, pathologists, oncologists, clinicians, pharmaceutical companies, and clinical laboratories.