NeoGenomics, Inc. $NEO Shares Bought by First Light Asset Management LLC

Key Points

• First Light Asset Management increased its NeoGenomics stake by 26.2% in the second quarter, adding 2.55 million shares for a total of 12.28 million shares worth approximately $179.2 million. The position represents 10.9% of the firm’s portfolio and about 9.56% of NeoGenomics.
• Institutional ownership remains very high at 98.5%, with several other investment firms also initiating or expanding positions in the company.
• NeoGenomics exceeded quarterly earnings and revenue expectations, reporting $0.05 in EPS and $201.66 million in revenue, up 11.2% year over year. Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $17.67.

First Light Asset Management LLC grew its position in shares of NeoGenomics, Inc. (NASDAQ:NEO - Free Report) by 26.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,279,523 shares of the medical research company's stock after purchasing an additional 2,549,545 shares during the period. NeoGenomics makes up about 10.9% of First Light Asset Management LLC's investment portfolio, making the stock its largest position. First Light Asset Management LLC owned approximately 9.56% of NeoGenomics worth $179,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in NEO. WINTON GROUP Ltd acquired a new stake in NeoGenomics during the 2nd quarter valued at $925,000. Integrated Wealth Concepts LLC purchased a new stake in NeoGenomics during the 2nd quarter worth approximately $99,000. NewEdge Advisors LLC acquired a new position in shares of NeoGenomics in the 2nd quarter valued at approximately $296,000. Squarepoint Ops LLC boosted its stake in shares of NeoGenomics by 118.3% during the 2nd quarter. Squarepoint Ops LLC now owns 222,036 shares of the medical research company's stock valued at $3,240,000 after buying an additional 120,342 shares during the last quarter. Finally, Allworth Financial LP grew its position in shares of NeoGenomics by 110.4% during the second quarter. Allworth Financial LP now owns 4,132 shares of the medical research company's stock worth $60,000 after buying an additional 2,168 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

NeoGenomics Price Performance

Shares of NEO opened at $17.66 on Thursday. NeoGenomics, Inc. has a 12 month low of $7.07 and a 12 month high of $19.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.60 and a quick ratio of 3.35. The stock has a fifty day moving average price of $15.82 and a 200 day moving average price of $11.66. The company has a market cap of $2.27 billion, a P/E ratio of -44.15 and a beta of 1.75.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its earnings results on Tuesday, July 28th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.02. The company had revenue of $201.66 million for the quarter, compared to analysts' expectations of $196.93 million. NeoGenomics had a negative return on equity of 1.99% and a negative net margin of 6.77%.The firm's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the business posted $0.03 earnings per share. On average, research analysts forecast that NeoGenomics, Inc. will post -0.09 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NEO shares. Craig Hallum restated a "buy" rating and issued a $19.00 target price on shares of NeoGenomics in a research note on Wednesday, July 29th. Wall Street Zen upgraded NeoGenomics from a "hold" rating to a "buy" rating in a research note on Saturday, June 27th. Benchmark lifted their target price on NeoGenomics from $11.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Needham & Company LLC upped their price target on NeoGenomics from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded shares of NeoGenomics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, NeoGenomics has an average rating of "Moderate Buy" and an average target price of $17.67.

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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