NeoGenomics (NASDAQ:NEO) Shares Gap Up Following Analyst Upgrade

Key Points

• Leerink Partners upgraded NeoGenomics from "market perform" to "outperform" and raised its price target to $25 (from $12), sending shares to gap up premarket — the stock opened at $10.25 vs. the prior close of $9.02.
• Analysts are mixed (seven Buys, six Holds, one Sell) with a consensus rating of "Hold" and a $13.43 target; the company reported Q1 revenue of $186.67M (+11.3% YoY) and EPS of $0.01 but remains unprofitable with a negative net margin and negative PE.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares gapped up prior to trading on Wednesday after Leerink Partners upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $9.02, but opened at $10.25. Leerink Partners now has a $25.00 price target on the stock, up from their previous price target of $12.00. NeoGenomics shares last traded at $9.5960, with a volume of 1,504,675 shares changing hands.

Other research analysts also recently issued research reports about the company. Piper Sandler upped their price objective on NeoGenomics from $12.00 to $13.00 and gave the company an "overweight" rating in a research note on Tuesday, February 24th. Zacks Research lowered shares of NeoGenomics from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Needham & Company LLC upped their price target on shares of NeoGenomics from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, February 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NeoGenomics in a research note on Friday, March 27th. Finally, Benchmark raised shares of NeoGenomics from a "hold" rating to a "buy" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $13.43.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Stephens Inc. AR bought a new position in NeoGenomics in the 1st quarter valued at about $143,000. Y Intercept Hong Kong Ltd lifted its holdings in shares of NeoGenomics by 67.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 139,809 shares of the medical research company's stock valued at $1,037,000 after purchasing an additional 56,284 shares in the last quarter. MQS Management LLC purchased a new position in shares of NeoGenomics during the first quarter valued at approximately $75,000. Inspire Investing LLC grew its holdings in NeoGenomics by 75.8% during the first quarter. Inspire Investing LLC now owns 69,185 shares of the medical research company's stock worth $513,000 after buying an additional 29,834 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its position in NeoGenomics by 24.1% in the 1st quarter. Pictet Asset Management Holding SA now owns 21,923 shares of the medical research company's stock valued at $163,000 after buying an additional 4,252 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

NeoGenomics Stock Up 1.3%

The stock's fifty day simple moving average is $8.50 and its 200-day simple moving average is $10.45. The stock has a market capitalization of $1.19 billion, a PE ratio of -10.92 and a beta of 1.72. The company has a current ratio of 4.26, a quick ratio of 3.94 and a debt-to-equity ratio of 0.41.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The medical research company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. NeoGenomics had a negative return on equity of 3.10% and a negative net margin of 14.85%.The business had revenue of $186.67 million for the quarter, compared to analysts' expectations of $184.53 million. The company's quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts forecast that NeoGenomics, Inc. will post -0.17 EPS for the current fiscal year.

NeoGenomics Company Profile

NeoGenomics, traded on the Nasdaq under the symbol NEO, is a leading provider of cancer-focused genetic and molecular testing services. Headquartered in Fort Myers, Florida, the company operates an integrated network of CAP-accredited and CLIA-certified laboratories across the United States, Europe and Asia. NeoGenomics delivers diagnostic insights that support oncologists, pathologists and healthcare institutions in the detection, prognosis and treatment of hematologic and solid tumor cancers.

The company's core service offerings include flow cytometry, immunohistochemistry, fluorescence in situ hybridization (FISH), karyotyping and advanced molecular assays such as next-generation sequencing (NGS) panels and polymerase chain reaction (PCR) tests.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.