Fred Alger Management LLC Reduces Holdings in NeoGenomics, Inc. $NEO

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 lowered its position in NeoGenomics, Inc. (NASDAQ:NEO - Free Report) by 8.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,574,777 shares of the medical research company's stock after selling 138,182 shares during the period. Fred Alger Management LLC owned about 1.22% of NeoGenomics worth $14,945,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in NeoGenomics in the first quarter valued at about $35,000. CWM LLC lifted its position in NeoGenomics by 42.6% in the first quarter. CWM LLC now owns 6,299 shares of the medical research company's stock valued at $60,000 after purchasing an additional 1,883 shares during the period. AlphaQuest LLC acquired a new stake in NeoGenomics in the first quarter valued at about $60,000. Moors & Cabot Inc. acquired a new stake in NeoGenomics in the first quarter valued at about $95,000. Finally, Teacher Retirement System of Texas acquired a new stake in NeoGenomics in the first quarter valued at about $178,000. Institutional investors and hedge funds own 98.50% of the company's stock.

NeoGenomics Price Performance

Shares of NEO traded down $0.38 during mid-day trading on Friday, reaching $7.96. 1,864,410 shares of the company's stock were exchanged, compared to its average volume of 2,594,483. The company has a quick ratio of 3.58, a current ratio of 3.92 and a debt-to-equity ratio of 0.40. The company has a 50-day simple moving average of $6.75 and a two-hundred day simple moving average of $7.87. NeoGenomics, Inc. has a 52-week low of $4.72 and a 52-week high of $19.11. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -9.83 and a beta of 1.62.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Needham & Company LLC raised their price objective on shares of NeoGenomics from $8.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, August 29th. William Blair reaffirmed a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. Morgan Stanley set a $8.00 target price on shares of NeoGenomics and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Stephens increased their target price on shares of NeoGenomics from $6.50 to $11.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Finally, TD Cowen increased their target price on shares of NeoGenomics from $10.00 to $12.00 and gave the company a "buy" rating in a report on Friday. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $13.10.

NeoGenomics Profile

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.