NeoGenomics (NASDAQ:NEO) Shares Up 7.3% - Should You Buy?

Key Points

• NeoGenomics' stock price increased by 7.3%, closing at $5.20, with a trading volume of 2,095,974 shares, which was 9% higher than the average.
• Following recent earnings results, which showed a miss in earnings per share and revenue estimates, analysts adjusted their price targets, with an average target of $12.88.
• Insiders have shown confidence by purchasing over 50,000 shares in recent months, indicating increased ownership of the company's stock.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares rose 7.3% during trading on Friday . The company traded as high as $5.19 and last traded at $5.20. Approximately 2,095,974 shares traded hands during trading, an increase of 9% from the average daily volume of 1,928,269 shares. The stock had previously closed at $4.84.

Wall Street Analysts Forecast Growth

NEO has been the topic of several recent research reports. Needham & Company LLC dropped their price target on shares of NeoGenomics from $8.50 to $8.00 and set a "buy" rating on the stock in a research report on Tuesday, July 29th. Morgan Stanley set a $8.00 target price on shares of NeoGenomics and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Piper Sandler dropped their target price on shares of NeoGenomics from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report on Monday. Guggenheim began coverage on shares of NeoGenomics in a research report on Thursday, May 15th. They set a "neutral" rating on the stock. Finally, BTIG Research reissued a "neutral" rating on shares of NeoGenomics in a research report on Wednesday, July 30th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.75.

NeoGenomics Stock Up 2.6%

The company has a debt-to-equity ratio of 0.40, a current ratio of 3.92 and a quick ratio of 3.58. The firm has a market capitalization of $751.18 million, a P/E ratio of -7.18 and a beta of 1.54. The company's 50-day simple moving average is $6.95 and its two-hundred day simple moving average is $9.18.

Insider Activity

In related news, Director Lynn A. Tetrault bought 7,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was bought at an average cost of $8.14 per share, with a total value of $56,980.00. Following the completion of the purchase, the director owned 7,000 shares of the company's stock, valued at approximately $56,980. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen M. Kanovsky acquired 4,000 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was acquired at an average cost of $7.78 per share, with a total value of $31,120.00. Following the completion of the purchase, the director directly owned 40,090 shares in the company, valued at approximately $311,900.20. This represents a 11.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 21,700 shares of company stock valued at $175,006. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NeoGenomics

Several institutional investors have recently made changes to their positions in the company. Brooklyn Investment Group bought a new position in shares of NeoGenomics during the first quarter valued at approximately $35,000. CWM LLC boosted its stake in shares of NeoGenomics by 42.6% during the first quarter. CWM LLC now owns 6,299 shares of the medical research company's stock valued at $60,000 after purchasing an additional 1,883 shares in the last quarter. AlphaQuest LLC bought a new position in shares of NeoGenomics during the first quarter valued at approximately $60,000. Sterling Capital Management LLC boosted its stake in shares of NeoGenomics by 788.7% during 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 in the last quarter. Finally, Moors & Cabot Inc. bought a new position in shares of NeoGenomics during the first quarter valued at approximately $95,000. Institutional investors 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.