California State Teachers Retirement System Raises Position in NeoGenomics, Inc. $NEO

Key Points

• California State Teachers Retirement System increased its NeoGenomics position by 56.8% in the first quarter, acquiring 70,320 additional shares for a total of 194,103 shares valued at approximately $1.44 million. Institutional investors collectively own 98.5% of the company.
• Analyst sentiment is broadly positive: NeoGenomics has a consensus “Moderate Buy” rating and a $16.71 target price, with several firms recently raising their price objectives, including Needham to $19 and Leerink Partners to $25.
• NeoGenomics exceeded quarterly earnings and revenue expectations, reporting $0.05 in EPS and $201.66 million in revenue, up 11.2% year over year. However, Director Lynn A. Tetrault sold 5,307 shares under a pre-arranged Rule 10b5-1 plan.

California State Teachers Retirement System boosted its holdings in NeoGenomics, Inc. (NASDAQ:NEO - Free Report) by 56.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 194,103 shares of the medical research company's stock after buying an additional 70,320 shares during the period. California State Teachers Retirement System owned 0.15% of NeoGenomics worth $1,440,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of NeoGenomics by 51.2% in the 1st quarter. Royal Bank of Canada now owns 56,026 shares of the medical research company's stock valued at $532,000 after purchasing an additional 18,966 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of NeoGenomics during the 1st quarter worth $271,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of NeoGenomics by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 75,798 shares of the medical research company's stock worth $719,000 after buying an additional 3,254 shares during the last quarter. Intech Investment Management LLC raised its position in shares of NeoGenomics by 19.7% in the 1st quarter. Intech Investment Management LLC now owns 151,806 shares of the medical research company's stock worth $1,441,000 after buying an additional 24,965 shares during the period. Finally, Creative Planning raised its position in shares of NeoGenomics by 20.4% in the 2nd quarter. Creative Planning now owns 16,735 shares of the medical research company's stock worth $122,000 after buying an additional 2,840 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Insider Buying and Selling at NeoGenomics

In other NeoGenomics news, Director Lynn A. Tetrault sold 5,307 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $11.29, for a total value of $59,916.03. Following the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Needham & Company LLC lifted their price objective on NeoGenomics from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. TD Cowen restated a "buy" rating on shares of NeoGenomics in a report on Wednesday, July 15th. Wall Street Zen raised shares of NeoGenomics from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. Benchmark boosted their price objective on shares of NeoGenomics from $11.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Finally, Leerink Partners raised shares of NeoGenomics from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $12.00 to $25.00 in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.71.

NeoGenomics Trading Down 0.2%

NASDAQ NEO opened at $16.39 on Friday. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of -40.98 and a beta of 1.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.60 and a quick ratio of 3.35. NeoGenomics, Inc. has a 12 month low of $5.94 and a 12 month high of $16.92. The company's fifty day moving average price is $13.88 and its two-hundred day moving average price is $10.92.

NeoGenomics (NASDAQ:NEO - Get Free Report) last issued its earnings results on Tuesday, July 28th. The medical research company reported $0.05 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $196.93 million. During the same quarter last year, the firm earned $0.03 EPS. The business's revenue was up 11.2% on a year-over-year basis. As a group, research analysts predict that NeoGenomics, Inc. will post -0.09 earnings per share for the current fiscal year.

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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