Bank of New York Mellon Corp Takes Position in NeoGenomics, Inc. $NEO

Bank of New York Mellon Corp acquired a new stake in NeoGenomics, Inc. (NASDAQ:NEO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 736,368 shares of the medical research company's stock, valued at approximately $10,744,000. Bank of New York Mellon Corp owned about 0.57% of NeoGenomics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MFG Wealth Management Inc. acquired a new stake in NeoGenomics in the second quarter worth about $1,218,000. Amundi acquired a new position in NeoGenomics during the 1st quarter valued at about $157,000. California State Teachers Retirement System increased its stake in NeoGenomics by 56.8% during the 1st quarter. California State Teachers Retirement System now owns 194,103 shares of the medical research company's stock valued at $1,440,000 after buying an additional 70,320 shares during the period. Royal Bank of Canada raised its holdings in NeoGenomics by 79.9% during the first quarter. Royal Bank of Canada now owns 32,433 shares of the medical research company's stock worth $240,000 after purchasing an additional 14,402 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in NeoGenomics by 42.3% in the first quarter. The Manufacturers Life Insurance Company now owns 55,031 shares of the medical research company's stock worth $408,000 after purchasing an additional 16,365 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other NeoGenomics news, Director Lynn A. Tetrault sold 5,307 shares of the firm's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $11.29, for a total transaction of $59,916.03. Following the transaction, the director owned 91,422 shares in the company, valued at approximately $1,032,154.38. This trade represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.10% of the company's stock.

NeoGenomics Stock Down 0.3%

Shares of NEO opened at $17.40 on Thursday. The company has a 50-day simple moving average of $15.50 and a 200-day simple moving average of $11.42. The firm has a market capitalization of $2.24 billion, a P/E ratio of -43.50 and a beta of 1.75. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.35 and a current ratio of 3.60. NeoGenomics, Inc. has a 52 week low of $7.07 and a 52 week high of $19.76.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The medical research company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.02. The firm had revenue of $201.66 million for the quarter, compared to the consensus estimate of $196.93 million. NeoGenomics had a negative net margin of 6.77% and a negative return on equity of 1.99%. The business's revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.03 earnings per share. On average, equities research analysts expect that NeoGenomics, Inc. will post -0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NEO has been the subject of several recent research reports. Craig Hallum reissued a "buy" rating and set a $19.00 target price on shares of NeoGenomics in a research note on Wednesday, July 29th. Wall Street Zen raised NeoGenomics from a "hold" rating to a "buy" rating in a research note on Saturday, June 27th. Zacks Research upgraded NeoGenomics from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Needham & Company LLC upped their price objective on shares of NeoGenomics from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, TD Cowen reiterated a "buy" rating on shares of NeoGenomics in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.67.

About NeoGenomics

NeoGenomics, traded on the Nasdaq under the symbol NEO, is a leading provider of cancer-focused genetic and molecular testing services. Headquartered in Fort Myers, Florida, the company operates an integrated network of CAP-accredited and CLIA-certified laboratories across the United States, Europe and Asia. NeoGenomics delivers diagnostic insights that support oncologists, pathologists and healthcare institutions in the detection, prognosis and treatment of hematologic and solid tumor cancers.

The company's core service offerings include flow cytometry, immunohistochemistry, fluorescence in situ hybridization (FISH), karyotyping and advanced molecular assays such as next-generation sequencing (NGS) panels and polymerase chain reaction (PCR) tests.

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