NeoGenomics (NASDAQ:NEO) Given a $8.00 Price Target by Morgan Stanley Analysts

Key Points

• Morgan Stanley has lowered the price target for NeoGenomics from $10.00 to $8.00, maintaining an "equal weight" rating, which suggests a potential upside of 52.82% from the company's previous close.
• Several analysts have recently adjusted their ratings on NeoGenomics, with Goldman Sachs reducing their target price from $15.00 to $10.00, and Leerink Partners also downgrading their rating.
• In recent insider trading, NeoGenomics director Stephen M. Kanovsky and COO Warren Stone made significant purchases of shares, indicating their confidence in the company's future.

Morgan Stanley set a $8.00 price target on NeoGenomics (NASDAQ:NEO - Free Report) in a report issued on Wednesday, MarketBeat Ratings reports. The firm currently has an equal weight rating on the medical research company's stock.

NEO has been the subject of several other research reports. Guggenheim assumed coverage on NeoGenomics in a research report on Thursday, May 15th. They issued a "neutral" rating for the company. Leerink Partners lowered NeoGenomics from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $25.00 to $9.00 in a research report on Wednesday, April 30th. Needham & Company LLC set a $8.00 target price on NeoGenomics and gave the company a "buy" rating in a research report on Tuesday. Piper Sandler set a $12.00 target price on NeoGenomics and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, BTIG Research restated a "neutral" rating on shares of NeoGenomics in a research report on Wednesday. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, NeoGenomics presently has a consensus rating of "Hold" and a consensus target price of $12.88.

NeoGenomics Trading Up 6.6%

NEO traded up $0.32 on Wednesday, hitting $5.16. The company had a trading volume of 4,528,446 shares, compared to its average volume of 2,520,257. The company has a market cap of $666.56 million, a PE ratio of -6.37 and a beta of 1.55. NeoGenomics has a 12-month low of $4.72 and a 12-month high of $19.11. The company has a quick ratio of 1.95, a current ratio of 3.92 and a debt-to-equity ratio of 0.40. The business's fifty day simple moving average is $6.99 and its 200 day simple moving average is $9.31.

NeoGenomics (NASDAQ:NEO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The medical research company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The company had revenue of $168.04 million during the quarter, compared to analysts' expectations of $171.38 million. NeoGenomics had a negative return on equity of 2.72% and a negative net margin of 15.10%. The company's revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.02) EPS. Equities research analysts expect that NeoGenomics will post -0.2 EPS for the current year.

Insider Transactions at NeoGenomics

In other news, COO Warren Stone purchased 5,700 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average price of $8.58 per share, for a total transaction of $48,906.00. Following the completion of the acquisition, the chief operating officer owned 108,280 shares of the company's stock, valued at approximately $929,042.40. This trade represents a 5.56% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stephen M. Kanovsky bought 4,000 shares of the stock in a transaction on Wednesday, May 7th. The shares were bought at an average price of $7.78 per share, with a total value of $31,120.00. Following the acquisition, the director owned 40,090 shares of the company's stock, valued at $311,900.20. This trade represents a 11.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 50,600 shares of company stock valued at $400,238 in the last ninety days. Corporate insiders own 2.40% of the company's stock.

Institutional Trading of NeoGenomics

A number of hedge funds have recently bought and sold shares of NEO. First Light Asset Management LLC lifted its holdings in NeoGenomics by 90.8% during the first quarter. First Light Asset Management LLC now owns 6,042,822 shares of the medical research company's stock worth $57,346,000 after buying an additional 2,875,237 shares during the period. Samjo Management LLC acquired a new position in shares of NeoGenomics during the first quarter worth $5,970,000. American Century Companies Inc. increased its position in shares of 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 in the last quarter. Aberdeen Group plc acquired a new position in shares of NeoGenomics during the first quarter worth $3,920,000. Finally, Norges Bank acquired a new position in shares of NeoGenomics during the fourth quarter worth $6,273,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

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.