T. Rowe Price Investment Management Inc. Decreases Holdings in NeoGenomics, Inc. $NEO

Key Points

• T. Rowe Price Investment Management Inc. has significantly reduced its stake in NeoGenomics, Inc. by 49.2% in Q1, now holding approximately $31.48 million worth of shares.
• Institutional investors now own 98.50% of NeoGenomics' stock, with several new stakes acquired in the first quarter, indicating strong institutional interest.
• Analysts have varying target prices for NeoGenomics, with a consensus rating of "Hold" and an average target price of $12.75 following recent evaluations.

T. Rowe Price Investment Management Inc. lessened its holdings in shares of NeoGenomics, Inc. (NASDAQ:NEO - Free Report) by 49.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,317,169 shares of the medical research company's stock after selling 3,210,942 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.58% of NeoGenomics worth $31,480,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in NeoGenomics by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,436,858 shares of the medical research company's stock worth $56,645,000 after purchasing an additional 78,211 shares during the period. American Century Companies Inc. boosted its position in NeoGenomics by 14.7% during the first quarter. American Century Companies Inc. now owns 3,319,602 shares of the medical research company's stock worth $31,503,000 after purchasing an additional 426,341 shares during the period. First Light Asset Management LLC boosted its position in NeoGenomics by 3.0% during the fourth quarter. First Light Asset Management LLC now owns 3,167,585 shares of the medical research company's stock worth $52,202,000 after purchasing an additional 91,030 shares during the period. Segall Bryant & Hamill LLC boosted its position in NeoGenomics by 11.2% during the first quarter. Segall Bryant & Hamill LLC now owns 2,350,746 shares of the medical research company's stock worth $22,309,000 after purchasing an additional 236,924 shares during the period. Finally, Northern Trust Corp boosted its position in NeoGenomics by 7.4% during the fourth quarter. Northern Trust Corp now owns 1,621,809 shares of the medical research company's stock worth $26,727,000 after purchasing an additional 111,170 shares during the period. Institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NEO. Guggenheim began coverage on shares of NeoGenomics in a research report on Thursday, May 15th. They set a "neutral" rating for the company. William Blair reissued a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. BTIG Research reissued a "neutral" rating on shares of NeoGenomics in a report on Wednesday, July 30th. Wall Street Zen raised shares of NeoGenomics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Piper Sandler set a $11.00 price target on shares of NeoGenomics and gave the stock an "overweight" rating in a report on Monday, August 4th. Four research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, NeoGenomics currently has a consensus rating of "Hold" and an average price target of $12.75.

NeoGenomics Price Performance

NEO traded up $1.69 on Friday, reaching $8.90. The company had a trading volume of 4,578,394 shares, compared to its average volume of 1,958,415. The business has a 50 day simple moving average of $6.55 and a 200 day simple moving average of $8.25. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -10.97 and a beta of 1.54. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.58 and a current ratio of 3.92. NeoGenomics, Inc. has a 52-week low of $4.72 and a 52-week 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.