NeoGenomics (NASDAQ:NEO) Stock Price 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 dropped 3.8% during mid-day trading on Monday . The company traded as low as $7.78 and last traded at $7.66. Approximately 160,534 shares changed hands during trading, a decline of 92% from the average daily volume of 2,034,467 shares. The stock had previously closed at $7.96.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. William Blair reaffirmed a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. Stephens upped their price objective on NeoGenomics from $6.50 to $11.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Needham & Company LLC increased their price target on NeoGenomics from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Piper Sandler set a $11.00 target price on shares of NeoGenomics and gave the stock an "overweight" rating in a research report on Monday, August 4th. Finally, Morgan Stanley set a $8.00 price target on shares of NeoGenomics and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, NeoGenomics has a consensus rating of "Hold" and an average price target of $13.10.

NeoGenomics Stock Performance

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -10.52 and a beta of 1.62. The company's 50-day moving average price is $6.84 and its two-hundred day moving average price is $7.85. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.92 and a quick ratio of 3.58.

Hedge Funds Weigh In On NeoGenomics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC acquired a new stake in shares of NeoGenomics during the 2nd quarter worth approximately $32,000. Brooklyn Investment Group purchased a new stake in NeoGenomics in the first quarter valued at approximately $35,000. CWM LLC raised its position in NeoGenomics by 42.6% in the first quarter. CWM LLC now owns 6,299 shares of the medical research company's stock worth $60,000 after acquiring an additional 1,883 shares in the last quarter. AlphaQuest LLC acquired a new stake in shares of NeoGenomics during the first quarter valued at $60,000. Finally, Capstone Financial Advisors Inc. purchased a new position in shares of NeoGenomics in the 2nd quarter worth about $73,000. 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.