NeoGenomics (NASDAQ:NEO) Hits New 52-Week Low on Analyst Downgrade

Shares of NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) reached a new 52-week low during trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $18.00 to $8.50. Needham & Company LLC currently has a buy rating on the stock. NeoGenomics traded as low as $6.40 and last traded at $6.58, with a volume of 13098609 shares trading hands. The stock had previously closed at $9.97.

Several other research firms also recently weighed in on NEO. Bank of America cut their price objective on NeoGenomics from $19.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, February 19th. Piper Sandler reduced their target price on NeoGenomics from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group lowered their price target on shares of NeoGenomics from $17.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Benchmark lowered shares of NeoGenomics from a "buy" rating to a "hold" rating in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.35.

Institutional Investors Weigh In On NeoGenomics

Several hedge funds and other institutional investors have recently bought and sold shares of NEO. Nordea Investment Management AB increased its position in shares of NeoGenomics by 2.8% during the fourth quarter. Nordea Investment Management AB now owns 77,534 shares of the medical research company's stock valued at $1,301,000 after acquiring an additional 2,125 shares during the last quarter. Swiss National Bank grew its position in shares of NeoGenomics by 1.0% during the 4th quarter. Swiss National Bank now owns 252,100 shares of the medical research company's stock valued at $4,155,000 after purchasing an additional 2,600 shares in the last quarter. Jennison Associates LLC increased its stake in NeoGenomics by 18.7% in the 4th quarter. Jennison Associates LLC now owns 1,514,756 shares of the medical research company's stock worth $24,963,000 after acquiring an additional 238,288 shares during the last quarter. Rhumbline Advisers increased its position in shares of NeoGenomics by 2.4% in the fourth quarter. Rhumbline Advisers now owns 389,003 shares of the medical research company's stock worth $6,411,000 after purchasing an additional 9,098 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of NeoGenomics by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,161,352 shares of the medical research company's stock worth $19,139,000 after buying an additional 26,701 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

NeoGenomics Stock Down 34.0 %

The firm has a market cap of $846.56 million, a PE ratio of -10.61 and a beta of 1.41. The company has a quick ratio of 1.91, a current ratio of 1.98 and a debt-to-equity ratio of 0.38. The stock has a 50-day simple moving average of $9.64 and a two-hundred day simple moving average of $13.40.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The medical research company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). NeoGenomics had a negative net margin of 11.92% and a negative return on equity of 2.10%. The business had revenue of $172.00 million for the quarter, compared to analysts' expectations of $173.40 million. Analysts expect that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

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.

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