NeoGenomics (NASDAQ:NEO) Stock Price Down 8% – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO) dropped 8% during trading on Monday . The company traded as low as $13.55 and last traded at $13.59. Approximately 226,218 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 819,208 shares. The stock had previously closed at $14.77.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NEO. Benchmark downgraded NeoGenomics from a “buy” rating to a “hold” rating in a research note on Monday. Bank of America boosted their target price on shares of NeoGenomics from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price target on shares of NeoGenomics in a research report on Friday. Finally, Jefferies Financial Group assumed coverage on shares of NeoGenomics in a research report on Tuesday, December 10th. They set a “buy” rating and a $22.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

NeoGenomics Trading Down 17.7 %

The company has a current ratio of 1.99, a quick ratio of 1.91 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average is $16.82 and its 200-day moving average is $15.67. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -19.92 and a beta of 1.24.

NeoGenomics (NASDAQ:NEO) last posted its quarterly earnings results on Tuesday, November 5th. The medical research company reported $0.05 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $167.80 million during the quarter, compared to analyst estimates of $167.00 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, sell-side analysts anticipate that NeoGenomics, Inc. will post -0.16 EPS for the current fiscal year.

Insider Activity at NeoGenomics

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 5,175 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $15.36, for a total value of $79,488.00. Following the completion of the sale, the general counsel now owns 37,129 shares of the company’s stock, valued at $570,301.44. This represents a 12.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NeoGenomics

A number of large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in NeoGenomics by 2.0% in the second quarter. Arizona State Retirement System now owns 35,739 shares of the medical research company’s stock worth $496,000 after acquiring an additional 708 shares during the period. Texas Permanent School Fund Corp grew its stake in shares of NeoGenomics by 12.7% in the 2nd quarter. Texas Permanent School Fund Corp now owns 125,705 shares of the medical research company’s stock worth $1,742,000 after buying an additional 14,148 shares during the last quarter. American Century Companies Inc. raised its stake in NeoGenomics by 5.4% during the second quarter. American Century Companies Inc. now owns 3,261,756 shares of the medical research company’s stock valued at $45,241,000 after buying an additional 167,145 shares during the last quarter. Federated Hermes Inc. raised its position in shares of NeoGenomics by 8.9% in the 2nd quarter. Federated Hermes Inc. now owns 142,587 shares of the medical research company’s stock worth $1,978,000 after purchasing an additional 11,599 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in NeoGenomics by 3.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 32,505 shares of the medical research company’s stock valued at $451,000 after purchasing an additional 1,030 shares during the last quarter. Hedge funds and other 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.