NeoGenomics (NASDAQ:NEO) Sees Strong Trading Volume - Here's What Happened

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares saw an uptick in trading volume on Monday . 4,026,828 shares traded hands during 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.

Wall Street Analysts Forecast Growth

NEO has been the subject of several research analyst reports. Guggenheim started coverage on NeoGenomics in a report on Thursday, May 15th. They issued a "neutral" rating for the company. Wall Street Zen upgraded shares of NeoGenomics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Needham & Company LLC reduced their target price on shares of NeoGenomics from $18.00 to $8.50 and set a "buy" rating for the company in a report on Tuesday, April 29th. Piper Sandler set a $12.00 price target on NeoGenomics and gave the company an "overweight" rating in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group reduced their price objective on NeoGenomics from $15.00 to $10.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $13.83.

NeoGenomics Trading Up 4.8%

The firm has a market capitalization of $953.63 million, a PE ratio of -11.95 and a beta of 1.65. The company has a fifty day moving average of $8.20 and a 200-day moving average of $11.72. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.98 and a quick ratio of 1.91.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its quarterly earnings data 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). NeoGenomics had a negative return on equity of 2.10% and a negative net margin of 11.92%. The business had revenue of $168.04 million during the quarter, compared to the consensus estimate of $171.38 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The company's revenue for the quarter was up 7.6% on a year-over-year basis. On average, sell-side analysts anticipate that NeoGenomics, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NeoGenomics news, Director David Brian Perez bought 10,000 shares of NeoGenomics stock in a transaction dated Monday, May 5th. The shares were acquired at an average cost of $7.63 per share, with a total value of $76,300.00. Following the acquisition, the director now directly owns 10,000 shares of the company's stock, valued at $76,300. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Aaron Kelly purchased 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were acquired at an average cost of $7.60 per share, with a total value of $38,000.00. Following the completion of the acquisition, the director now directly owns 5,000 shares in the company, valued at approximately $38,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 70,600 shares of company stock valued at $550,438 over the last three months. 2.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NEO. SBI Securities Co. Ltd. acquired a new position in shares of NeoGenomics during the fourth quarter worth approximately $26,000. Brooklyn Investment Group bought a new stake in shares of NeoGenomics during the first quarter worth approximately $35,000. CWM LLC lifted its stake in shares of NeoGenomics by 42.6% in the 1st quarter. CWM LLC now owns 6,299 shares of the medical research company's stock valued at $60,000 after purchasing an additional 1,883 shares during the period. AlphaQuest LLC bought a new position in shares of NeoGenomics in the 1st quarter worth $60,000. Finally, Sterling Capital Management LLC increased its holdings in NeoGenomics by 788.7% in the fourth quarter. Sterling Capital Management LLC now owns 3,706 shares of the medical research company's stock valued at $61,000 after purchasing an additional 3,289 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

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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