Granite Investment Partners LLC Invests $5.58 Million in NeoGenomics, Inc. $NEO

Key Points

• Granite Investment Partners bought a new stake in NeoGenomics during the first quarter, purchasing 752,478 shares worth about $5.58 million and ending with roughly 0.58% ownership.
• Several other institutional investors also increased or initiated positions, and overall hedge funds and institutions own 98.5% of NeoGenomics shares, showing heavy institutional interest in the stock.
• Analyst sentiment is mixed but leaning constructive: NeoGenomics has a Hold consensus rating with a $13.86 average price target, while the stock recently traded above that level at $14.24 and reported quarterly revenue growth of 11.3% year over year.

Granite Investment Partners LLC purchased a new stake in NeoGenomics, Inc. (NASDAQ:NEO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 752,478 shares of the medical research company's stock, valued at approximately $5,583,000. Granite Investment Partners LLC owned approximately 0.58% of NeoGenomics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in NEO. First Light Asset Management LLC boosted its holdings in NeoGenomics by 45.0% during the third quarter. First Light Asset Management LLC now owns 9,927,269 shares of the medical research company's stock worth $76,639,000 after purchasing an additional 3,080,837 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in NeoGenomics in the 4th quarter worth about $19,182,000. American Capital Management Inc. increased its stake in NeoGenomics by 120.9% in the 3rd quarter. American Capital Management Inc. now owns 2,345,263 shares of the medical research company's stock valued at $18,105,000 after buying an additional 1,283,390 shares during the last quarter. Aberdeen Group plc increased its stake in NeoGenomics by 127.1% in the 4th quarter. Aberdeen Group plc now owns 1,798,939 shares of the medical research company's stock valued at $21,156,000 after buying an additional 1,006,676 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its position in shares of NeoGenomics by 69.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,218,727 shares of the medical research company's stock worth $26,093,000 after buying an additional 912,788 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings downgraded NeoGenomics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, June 29th. Benchmark raised NeoGenomics from a "hold" rating to a "buy" rating and set a $11.00 price target for the company in a research report on Wednesday, April 29th. TD Cowen lifted their price target on NeoGenomics from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Leerink Partners raised NeoGenomics from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $12.00 to $25.00 in a research report on Wednesday, April 29th. Finally, Wall Street Zen upgraded NeoGenomics from a "hold" rating to a "buy" rating in a research note on Saturday, June 27th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $13.86.

Insider Buying and Selling

In related news, Director Lynn A. Tetrault sold 5,307 shares of NeoGenomics 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 completion of the transaction, the director directly owned 91,422 shares in the company, valued at approximately $1,032,154.38. The trade was a 5.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.10% of the company's stock.

NeoGenomics Price Performance

NASDAQ NEO opened at $14.24 on Thursday. The company has a market cap of $1.85 billion, a PE ratio of -18.49 and a beta of 1.74. NeoGenomics, Inc. has a 52 week low of $4.72 and a 52 week high of $15.57. The company has a quick ratio of 4.06, a current ratio of 4.42 and a debt-to-equity ratio of 0.41. The firm's 50-day simple moving average is $10.86 and its two-hundred day simple moving average is $10.46.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its earnings results on Tuesday, April 28th. The medical research company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. NeoGenomics had a negative net margin of 13.30% and a negative return on equity of 2.80%. The firm had revenue of $186.67 million during the quarter, compared to the consensus estimate of $184.54 million. The company's revenue was up 11.3% compared to the same quarter last year. Research analysts predict that NeoGenomics, Inc. will post -0.15 earnings per share for the current year.

NeoGenomics Profile

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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