NeoGenomics (NASDAQ:NEO) Stock Rating Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded NeoGenomics from “Hold” to “Buy.” Analysts overall rate the stock “Moderate Buy,” with an average price target of $20.88.
• NeoGenomics beat quarterly estimates, reporting earnings of $0.07 per share versus $0.06 expected and revenue of $209.25 million versus $206.70 million; revenue rose 11.3% year over year.
• Shares opened at $16.84, within a 12-month range of $7.07–$20.15, and institutional investors own 98.5% of the stock.

NeoGenomics (NASDAQ:NEO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Several other research firms have also recently issued reports on NEO. Jefferies Financial Group reaffirmed a "buy" rating and issued a $21.00 price target on shares of NeoGenomics in a report on Thursday, October 29th. Piper Sandler reissued an "overweight" rating on shares of NeoGenomics in a research note on Wednesday, October 7th. BTIG Research restated a "buy" rating and issued a $28.00 target price on shares of NeoGenomics in a report on Thursday, October 29th. Zacks Research lowered NeoGenomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Finally, Craig Hallum reaffirmed a "buy" rating and set a $19.00 target price on shares of NeoGenomics in a report on Wednesday, July 29th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $20.88.

NeoGenomics Stock Performance

Shares of NEO opened at $16.84 on Friday. The firm's 50 day moving average is $17.64 and its 200-day moving average is $12.92. The stock has a market capitalization of $2.18 billion, a P/E ratio of -67.36 and a beta of 1.87. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.53 and a quick ratio of 3.31. NeoGenomics has a 12-month low of $7.07 and a 12-month high of $20.15.

NeoGenomics (NASDAQ:NEO - Get Free Report) last released its earnings results on Wednesday, October 28th. The medical research company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.01. NeoGenomics had a negative net margin of 4.10% and a negative return on equity of 0.99%. The business had revenue of $209.25 million for the quarter, compared to the consensus estimate of $206.70 million. During the same period in the previous year, the firm earned $0.03 EPS. The business's revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts anticipate that NeoGenomics will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On NeoGenomics

Large investors have recently made changes to their positions in the company. First Light Asset Management LLC grew its stake in NeoGenomics by 26.2% during the 2nd quarter. First Light Asset Management LLC now owns 12,279,523 shares of the medical research company's stock valued at $179,158,000 after acquiring an additional 2,549,545 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of NeoGenomics in the first quarter worth approximately $45,725,000. American Capital Management Inc. purchased a new stake in shares of NeoGenomics in the second quarter worth approximately $32,648,000. Dimensional Fund Advisors LP lifted its position in shares of NeoGenomics by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,674,335 shares of the medical research company's stock worth $19,842,000 after purchasing an additional 225,588 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of NeoGenomics during the second quarter worth approximately $10,744,000. Institutional investors and hedge funds own 98.50% of the company's stock.

NeoGenomics Company Profile

NeoGenomics, Inc NASDAQ: NEO is a cancer-focused diagnostics company that provides laboratory testing and related services to oncologists, hospitals, academic institutions, and biopharmaceutical companies. Its diagnostic offerings support the detection, classification, and monitoring of cancer and help inform treatment decisions.

The company's services include pathology, immunohistochemistry, flow cytometry, cytogenetics, molecular testing, and other specialized oncology assays. NeoGenomics also provides clinical trial and pharmaceutical services, including biomarker testing, central laboratory support, and companion diagnostic development for drug developers.

Founded in 1999, NeoGenomics has expanded through internal growth and acquisitions and operates a network of clinical laboratories serving customers primarily in the United States, with additional international capabilities.

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