First Light Asset Management LLC Purchases 2,875,237 Shares of NeoGenomics, Inc. $NEO

Key Points

• First Light Asset Management LLC increased its holdings in NeoGenomics by 90.8% during the first quarter, owning 6,042,822 shares valued at approximately $57,346,000.
• The stock has experienced significant trading activity, with shares rising 21.8% recently, bringing its current price to $8.78.
• Analysts have mixed ratings for NeoGenomics, with an average price target of $13.50 and four analysts giving it a Buy rating.

First Light Asset Management LLC lifted its holdings in shares of NeoGenomics, Inc. (NASDAQ:NEO - Free Report) by 90.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,042,822 shares of the medical research company's stock after purchasing an additional 2,875,237 shares during the period. NeoGenomics accounts for about 6.5% of First Light Asset Management LLC's portfolio, making the stock its 4th largest position. First Light Asset Management LLC owned 4.70% of NeoGenomics worth $57,346,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in NeoGenomics in the first quarter valued at about $35,000. CWM LLC boosted its holdings 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 acquiring an additional 1,883 shares during the last quarter. AlphaQuest LLC bought a new position in NeoGenomics in the first quarter valued at about $60,000. Moors & Cabot Inc. bought a new position in NeoGenomics in the first quarter valued at about $95,000. Finally, Sherbrooke Park Advisers LLC bought a new position in NeoGenomics in the fourth quarter valued at about $183,000. Institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Guggenheim assumed coverage on NeoGenomics in a report on Thursday, May 15th. They issued a "neutral" rating on the stock. Stephens raised their price target on NeoGenomics from $6.50 to $11.00 and gave the company an "overweight" rating in a report on Tuesday. Morgan Stanley set a $8.00 target price on NeoGenomics and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. William Blair restated a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. Finally, Piper Sandler set a $11.00 target price on NeoGenomics and gave the stock an "overweight" rating in a report on Monday, August 4th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $13.22.

NeoGenomics Stock Down 1.0%

Shares of NASDAQ NEO traded down $0.08 during mid-day trading on Friday, reaching $7.98. 3,604,677 shares of the company's stock were exchanged, compared to its average volume of 2,380,706. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -9.85 and a beta of 1.62. 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 business has a fifty day simple moving average of $6.71 and a 200 day simple moving average of $8.03. NeoGenomics, Inc. has a twelve month low of $4.72 and a twelve month high of $19.11.

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.