NeoGenomics (NASDAQ:NEO) Sees Strong Trading Volume - Time to Buy?

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares saw an uptick in trading volume on Monday . 4,026,828 shares traded hands during mid-day trading, an increase of 230% from the previous session's volume of 1,221,022 shares.The stock last traded at $7.18 and had previously closed at $7.07.

Analyst Ratings Changes

NEO has been the subject of several analyst reports. Morgan Stanley dropped their price objective on shares of NeoGenomics from $17.00 to $10.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Piper Sandler set a $12.00 target price on shares of NeoGenomics and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Needham & Company LLC cut their price target on NeoGenomics from $18.00 to $8.50 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Bank of America reduced their price target on NeoGenomics from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group cut their target price on NeoGenomics from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $13.83.

NeoGenomics Trading Down 0.6%

The firm's 50-day simple moving average is $8.06 and its 200 day simple moving average is $11.51. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.05 and a quick ratio of 1.95. The firm has a market capitalization of $894.47 million, a price-to-earnings ratio of -11.39 and a beta of 1.65.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The medical research company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). The business had revenue of $168.04 million for the quarter, compared to analyst estimates of $171.38 million. NeoGenomics had a negative return on equity of 2.21% and a negative net margin of 11.54%. NeoGenomics's quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted ($0.02) EPS. Equities analysts expect that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

Insider Transactions at NeoGenomics

In related news, COO Warren Stone purchased 5,700 shares of the stock in a transaction dated Monday, May 12th. The stock was bought at an average cost of $8.58 per share, for a total transaction of $48,906.00. Following the completion of the acquisition, the chief operating officer now owns 108,280 shares of the company's stock, valued at approximately $929,042.40. This represents a 5.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Aaron Kelly acquired 5,000 shares of NeoGenomics stock in a transaction that occurred on Tuesday, May 27th. The shares were purchased at an average price of $7.60 per share, for a total transaction of $38,000.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $38,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 70,600 shares of company stock valued at $550,438. 2.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NEO. Rhumbline Advisers grew its holdings in NeoGenomics by 2.4% during the 4th quarter. Rhumbline Advisers now owns 389,003 shares of the medical research company's stock worth $6,411,000 after acquiring an additional 9,098 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of NeoGenomics during the fourth quarter worth $220,000. Principal Financial Group Inc. lifted its holdings in shares of NeoGenomics by 3.1% during the fourth quarter. Principal Financial Group Inc. now owns 622,849 shares of the medical research company's stock worth $10,265,000 after purchasing an additional 18,455 shares during the period. Handelsbanken Fonder AB grew its stake in shares of NeoGenomics by 12.3% in the fourth quarter. Handelsbanken Fonder AB now owns 28,300 shares of the medical research company's stock worth $466,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in NeoGenomics by 1.8% in the fourth quarter. Bank of New York Mellon Corp now owns 849,752 shares of the medical research company's stock valued at $14,004,000 after purchasing an additional 15,269 shares during the period. Institutional investors and hedge funds 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.