NeoGenomics (NASDAQ:NEO) Hits New 52-Week Low - Here's Why

Key Points

• NeoGenomics shares hit a new 52-week low of $4.72 on Monday, with the last traded price at $5.15.
• Analysts have lowered price targets for NeoGenomics, with targets ranging from $8.00 to $10.00, and a consensus rating of "Hold".
• Insider buying has occurred recently, with the COO acquiring 5,700 shares at an average cost of $8.58 per share.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $4.72 and last traded at $5.15, with a volume of 4528446 shares changing hands. The stock had previously closed at $4.84.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of NeoGenomics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. The Goldman Sachs Group cut their target price on shares of NeoGenomics from $15.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley set a $8.00 target price on shares of NeoGenomics and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Leerink Partnrs lowered shares of NeoGenomics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Needham & Company LLC cut their target price on shares of NeoGenomics from $8.50 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $12.75.

NeoGenomics Trading Up 0.7%

The company has a current ratio of 3.92, a quick ratio of 3.58 and a debt-to-equity ratio of 0.40. The business's 50-day moving average is $6.82 and its two-hundred day moving average is $9.01. The firm has a market cap of $749.24 million, a P/E ratio of -7.16 and a beta of 1.54.

Insider Transactions at NeoGenomics

In other news, COO Warren Stone bought 5,700 shares of the firm's stock in a transaction 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 transaction, the chief operating officer owned 108,280 shares in the company, valued at approximately $929,042.40. This trade represents a 5.56% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael Aaron Kelly bought 5,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was purchased at an average price of $7.60 per share, with a total value of $38,000.00. Following the transaction, the director owned 5,000 shares in the company, valued at $38,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NEO. Norges Bank bought a new position in shares of NeoGenomics in the fourth quarter valued at approximately $6,273,000. Wells Fargo & Company MN boosted its holdings in shares of NeoGenomics by 7.7% in the fourth quarter. Wells Fargo & Company MN now owns 84,391 shares of the medical research company's stock valued at $1,391,000 after acquiring an additional 6,055 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of NeoGenomics by 4.4% in the fourth quarter. Federated Hermes Inc. now owns 145,541 shares of the medical research company's stock valued at $2,399,000 after acquiring an additional 6,086 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of NeoGenomics in the fourth quarter valued at approximately $839,000. Finally, F M Investments LLC bought a new position in shares of NeoGenomics in the fourth quarter valued at approximately $2,085,000. 98.50% of the stock is currently 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.