NeoGenomics (NASDAQ:NEO) Shares Down 5.7% - Here's Why

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) was down 5.7% during mid-day trading on Friday . The stock traded as low as $6.33 and last traded at $6.34. Approximately 842,329 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 1,308,657 shares. The stock had previously closed at $6.72.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of NeoGenomics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. The Goldman Sachs Group reduced their price objective 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. Leerink Partners lowered shares of NeoGenomics from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $25.00 to $9.00 in a research report on Wednesday, April 30th. Leerink Partnrs downgraded shares of NeoGenomics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Morgan Stanley cut their target price on NeoGenomics from $17.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $13.83.

NeoGenomics Stock Performance

The company has a fifty day moving average price of $7.43 and a two-hundred day moving average price of $10.11. The firm has a market cap of $803.09 million, a price-to-earnings ratio of -10.23 and a beta of 1.63. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.05 and a quick ratio of 1.95.

NeoGenomics (NASDAQ:NEO - Get Free Report) last released its 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 during the quarter, compared to the consensus estimate of $171.38 million. NeoGenomics had a negative return on equity of 2.21% and a negative net margin of 11.54%. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. As a group, equities research analysts expect that NeoGenomics, Inc. will post -0.2 EPS for the current year.

Insider Activity

In related news, COO Warren Stone acquired 5,700 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $8.58 per share, with a total value of $48,906.00. Following the completion of the transaction, the chief operating officer owned 108,280 shares of the company's stock, valued at approximately $929,042.40. This trade represents a 5.56% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Jeffrey Scott Sherman bought 20,000 shares of the business's stock in a transaction on Friday, May 2nd. The stock was bought at an average price of $7.51 per share, with a total value of $150,200.00. Following the transaction, the chief financial officer owned 158,494 shares in the company, valued at approximately $1,190,289.94. This represents a 14.44% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 70,600 shares of company stock worth $550,438. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NeoGenomics

Several institutional investors and hedge funds have recently modified their holdings of NEO. Sterling Capital Management LLC raised its position in shares of 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 period. Brooklyn Investment Group acquired a new position in NeoGenomics in the 1st quarter valued at $35,000. CWM LLC raised its holdings in NeoGenomics by 42.6% in the 1st 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 during the period. AlphaQuest LLC acquired a new position in NeoGenomics during the 1st quarter worth $60,000. Finally, Moors & Cabot Inc. bought a new stake in NeoGenomics during the first quarter valued at about $95,000. Institutional investors and hedge funds own 98.50% of the company's stock.

NeoGenomics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.