NeoGenomics (NASDAQ:NEO) Given New $22.00 Price Target at Needham & Company LLC

Key Points

• Needham raised NeoGenomics’ price target to $22 from $19 and maintained a “buy” rating, implying approximately 15% upside from the reported $19.13 share price.
• Analyst sentiment is broadly positive, with six buy ratings, three holds and one sell; MarketBeat lists a consensus “Moderate Buy” rating and an average target price of $18.17.
• NeoGenomics exceeded quarterly expectations, reporting $0.05 in adjusted EPS versus a $0.03 consensus estimate and $201.66 million in revenue, up 11.2% year over year. Institutional investors own approximately 98.5% of the company’s shares.

NeoGenomics (NASDAQ:NEO - Get Free Report) had its target price hoisted by analysts at Needham & Company LLC from $19.00 to $22.00 in a report released on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the medical research company's stock. Needham & Company LLC's price objective points to a potential upside of 15.00% from the company's current price.

NEO has been the topic of a number of other reports. Wall Street Zen upgraded shares of NeoGenomics from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. Craig Hallum reiterated a "buy" rating and set a $19.00 price objective on shares of NeoGenomics in a report on Wednesday, July 29th. Zacks Research cut shares of NeoGenomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. TD Cowen restated a "buy" rating on shares of NeoGenomics in a research note on Wednesday, July 15th. Finally, Benchmark raised their target price on shares of NeoGenomics from $11.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Six 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.17.

NeoGenomics Price Performance

Shares of NEO stock opened at $19.13 on Tuesday. The stock has a 50 day moving average price of $17.39 and a 200 day moving average price of $12.88. NeoGenomics has a 52-week low of $7.07 and a 52-week high of $20.05. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.35 and a current ratio of 3.60. The firm has a market capitalization of $2.46 billion, a P/E ratio of -47.82 and a beta of 1.79.

NeoGenomics (NASDAQ:NEO - Get Free Report) last announced its quarterly earnings data 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 return on equity of 1.99% and a negative net margin of 6.77%.The company had revenue of $201.66 million for the quarter, compared to the consensus estimate of $196.93 million. During the same quarter in the prior year, the company posted $0.03 EPS. NeoGenomics's quarterly revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts predict that NeoGenomics will post -0.09 earnings per share for the current year.

Institutional Trading of NeoGenomics

Several institutional investors and hedge funds have recently made changes to their positions in NEO. First Trust Advisors LP purchased a new stake in shares of NeoGenomics in the 1st quarter worth approximately $45,725,000. First Light Asset Management LLC lifted its holdings in NeoGenomics by 26.2% during the second quarter. First Light Asset Management LLC now owns 12,279,523 shares of the medical research company's stock worth $179,158,000 after buying an additional 2,549,545 shares during the period. American Capital Management Inc. bought a new stake in NeoGenomics during the 2nd quarter valued at $32,648,000. Granite Investment Partners LLC bought a new stake in NeoGenomics during the 1st quarter valued at $5,583,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of NeoGenomics in the 2nd quarter valued at $10,744,000. 98.50% of the stock is currently owned by institutional investors.

NeoGenomics Company Profile

NeoGenomics, Inc NASDAQ: NEO is a specialized oncology diagnostics company that provides testing services to hospitals, physicians, pathologists, pharmaceutical companies and other healthcare organizations. Its services support the diagnosis, classification and monitoring of cancer, helping guide treatment decisions and drug development.

The company offers a broad range of pathology and laboratory services, including molecular testing, next-generation sequencing, fluorescence in situ hybridization, cytogenetics, flow cytometry, immunohistochemistry and digital pathology.

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