NeoGenomics (NASDAQ:NEO) Shares Gap Up - Still a Buy?

Key Points

• NeoGenomics (NASDAQ:NEO) shares saw significant movement, opening at $8.78 after previously closing at $7.21, with over 1.7 million shares traded on the latest trading day.
• Analysts have mixed ratings for NeoGenomics, with four giving a Buy rating while eight have issued a Hold rating; the average target price is set at $12.75.
• Hedge funds and institutional investors own 98.50% of NeoGenomics stock, indicating strong institutional confidence in the company.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $7.21, but opened at $8.78. NeoGenomics shares last traded at $8.69, with a volume of 1,777,131 shares trading hands.

Analyst Ratings Changes

NEO has been the subject of a number of research analyst reports. Needham & Company LLC lowered their price target on NeoGenomics from $8.50 to $8.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Morgan Stanley set a $8.00 price target on NeoGenomics and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Piper Sandler set a $11.00 price target on NeoGenomics and gave the company an "overweight" rating in a report on Monday, August 4th. Wall Street Zen raised NeoGenomics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Guggenheim assumed coverage on NeoGenomics in a report on Thursday, May 15th. They issued a "neutral" rating for the company. Four 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, NeoGenomics currently has an average rating of "Hold" and an average target price of $12.75.

NeoGenomics Price Performance

The company has a 50-day simple moving average of $6.55 and a 200-day simple moving average of $8.25. The stock has a market cap of $1.15 billion, a PE ratio of -11.03 and a beta of 1.54. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.92 and a quick ratio of 3.58.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in shares of NeoGenomics in the second quarter valued at $32,000. Brooklyn Investment Group purchased a new position in shares of NeoGenomics in the first quarter valued at $35,000. CWM LLC increased its position in shares of NeoGenomics by 42.6% in the first quarter. CWM LLC now owns 6,299 shares of the medical research company's stock valued at $60,000 after buying an additional 1,883 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of NeoGenomics in the first quarter valued at $60,000. Finally, Capstone Financial Advisors Inc. purchased a new position in shares of NeoGenomics in the second quarter valued at $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.

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