NeoGenomics (NASDAQ:NEO) Shares Down 3.8% - Here's Why

Key Points

• NeoGenomics' stock price fell by 3.8% to close at $7.66, with trading volume significantly down at 160,534 shares compared to an average of 2,034,467 shares.
• Analysts have set new price targets for NeoGenomics, with TD Cowen increasing their target from $10.00 to $12.00, while the average consensus target price is currently at $13.10.
• Institutional investors hold a strong majority of NeoGenomics' stock, owning 98.50% of the company, with notable increases in holdings from firms like Allspring Global Investments and GAMMA Investing LLC.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report)'s stock price fell 3.8% during trading on Monday . The company traded as low as $7.78 and last traded at $7.66. 160,534 shares traded hands during trading, a decline of 92% from the average session volume of 2,034,467 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

A number of research firms recently commented on NEO. TD Cowen increased their target price on shares of NeoGenomics from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Friday. Morgan Stanley set a $8.00 target price on shares of NeoGenomics and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. William Blair reissued a "market perform" rating on shares of NeoGenomics in a research report on Tuesday, July 29th. Piper Sandler set a $11.00 target price on shares of NeoGenomics and gave the company an "overweight" rating in a research report on Monday, August 4th. Finally, Stephens upped their price target on shares of NeoGenomics from $6.50 to $11.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, NeoGenomics presently has an average rating of "Hold" and a consensus target price of $13.10.

NeoGenomics Price Performance

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -9.98 and a beta of 1.62. The stock's 50 day moving average price is $6.75 and its two-hundred day moving average price is $7.87. The company has a quick ratio of 3.58, a current ratio of 3.92 and a debt-to-equity ratio of 0.40.

Institutional Trading of NeoGenomics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in NeoGenomics by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 33,461 shares of the medical research company's stock valued at $318,000 after buying an additional 11,733 shares during the period. GAMMA Investing LLC grew its position in NeoGenomics by 1,107.7% during the first quarter. GAMMA Investing LLC now owns 17,765 shares of the medical research company's stock valued at $1,872,000 after buying an additional 16,294 shares during the period. Squarepoint Ops LLC acquired a new stake in NeoGenomics during the fourth quarter valued at $276,000. Segall Bryant & Hamill LLC grew its position in NeoGenomics by 11.2% during the first quarter. Segall Bryant & Hamill LLC now owns 2,350,746 shares of the medical research company's stock valued at $22,309,000 after buying an additional 236,924 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in NeoGenomics during the first quarter valued at $178,000. 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.

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