NeoGenomics (NASDAQ:NEO) Shares Down 2.5% – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price was down 2.5% during trading on Wednesday . The stock traded as low as $13.64 and last traded at $13.68. Approximately 142,771 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 820,799 shares. The stock had previously closed at $14.03.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Stephens reaffirmed an “overweight” rating and issued a $19.00 target price on shares of NeoGenomics in a research report on Tuesday, July 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price objective on shares of NeoGenomics in a research report on Wednesday, September 25th. Finally, Benchmark reissued a “buy” rating and set a $18.00 target price on shares of NeoGenomics in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.89.

NeoGenomics Trading Down 1.4 %

The firm has a market cap of $1.77 billion, a P/E ratio of -21.05 and a beta of 1.19. The business’s 50 day moving average is $15.55 and its 200-day moving average is $14.81. The company has a quick ratio of 1.93, a current ratio of 2.01 and a debt-to-equity ratio of 0.37.

NeoGenomics (NASDAQ:NEO) last released its earnings results on Monday, July 29th. The medical research company reported $0.03 earnings per share for the quarter. NeoGenomics had a negative net margin of 12.50% and a negative return on equity of 2.72%. The company had revenue of $164.50 million during the quarter, compared to the consensus estimate of $161.82 million. During the same quarter in the previous year, the firm earned ($0.09) EPS. The company’s revenue was up 12.0% on a year-over-year basis. As a group, analysts forecast that NeoGenomics, Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NeoGenomics

A number of institutional investors have recently made changes to their positions in NEO. Blue Trust Inc. grew its position in shares of NeoGenomics by 107.2% during the 2nd quarter. Blue Trust Inc. now owns 2,331 shares of the medical research company’s stock valued at $32,000 after buying an additional 1,206 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of NeoGenomics during the second quarter valued at approximately $57,000. PNC Financial Services Group Inc. raised its position in shares of NeoGenomics by 27.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,434 shares of the medical research company’s stock worth $136,000 after purchasing an additional 1,791 shares during the period. Banque Cantonale Vaudoise lifted its holdings in shares of NeoGenomics by 10.2% in the 2nd quarter. Banque Cantonale Vaudoise now owns 17,575 shares of the medical research company’s stock worth $244,000 after purchasing an additional 1,633 shares during the last quarter. Finally, Gabelli Funds LLC bought a new stake in shares of NeoGenomics in the 1st quarter worth approximately $283,000. 98.50% of the stock is currently owned by institutional investors.

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.