NeoGenomics, Inc. $NEO Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC reduced its stake in NeoGenomics, Inc. by 8.1%, now holding approximately 1.22% of the company worth about $14.95 million.
• Major investors have taken contrasting positions, with First Light Asset Management LLC increasing its stake by 90.8%, while Fred Alger Management opted to decrease theirs during the same quarter.
• Analysts have mixed ratings on NeoGenomics, with five firms giving it a "Buy" rating, while the consensus target price stands at $13.22 and an average rating of "Hold".

Fred Alger Management LLC reduced its position in NeoGenomics, Inc. (NASDAQ:NEO - Free Report) by 8.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,574,777 shares of the medical research company's stock after selling 138,182 shares during the quarter. Fred Alger Management LLC owned about 1.22% of NeoGenomics worth $14,945,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in NeoGenomics by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 75,798 shares of the medical research company's stock valued at $719,000 after buying an additional 3,254 shares during the period. AQR Capital Management LLC acquired a new position in NeoGenomics in the 1st quarter valued at $271,000. First Light Asset Management LLC boosted its position in shares of NeoGenomics by 90.8% during the 1st quarter. First Light Asset Management LLC now owns 6,042,822 shares of the medical research company's stock worth $57,346,000 after purchasing an additional 2,875,237 shares in the last quarter. Royal Bank of Canada boosted its position in shares of NeoGenomics by 51.2% during the 1st quarter. Royal Bank of Canada now owns 56,026 shares of the medical research company's stock worth $532,000 after purchasing an additional 18,966 shares in the last quarter. Finally, Gabelli Funds LLC boosted its position in shares of NeoGenomics by 607.1% during the 1st quarter. Gabelli Funds LLC now owns 99,000 shares of the medical research company's stock worth $940,000 after purchasing an additional 85,000 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

NeoGenomics Trading Down 4.6%

Shares of NASDAQ NEO traded down $0.38 on Friday, reaching $7.96. 1,864,410 shares of the company traded hands, compared to its average volume of 2,045,548. NeoGenomics, Inc. has a fifty-two week low of $4.72 and a fifty-two week high of $19.11. The company has a 50 day moving average of $6.75 and a 200 day moving average of $7.92. The company has a current ratio of 3.92, a quick ratio of 3.58 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $1.03 billion, a PE ratio of -9.83 and a beta of 1.62.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NEO shares. Needham & Company LLC boosted their target price on shares of NeoGenomics from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. BTIG Research restated a "neutral" rating on shares of NeoGenomics in a research report on Wednesday, July 30th. William Blair restated a "market perform" rating on shares of NeoGenomics in a research report on Tuesday, July 29th. Stephens boosted their target price on shares of NeoGenomics from $6.50 to $11.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Finally, Piper Sandler set a $11.00 target price on shares of NeoGenomics and gave the stock an "overweight" rating in a research report on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $13.10.

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.