NeoGenomics (NASDAQ:NEO) Shares Up 7.3% - Here's Why

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)'s stock price shot up 7.3% during trading on Friday . The company traded as high as $5.19 and last traded at $5.20. 2,095,974 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 1,928,269 shares. The stock had previously closed at $4.84.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Needham & Company LLC reduced their price objective on NeoGenomics from $8.50 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday. Wall Street Zen raised NeoGenomics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. William Blair reaffirmed a "market perform" rating on shares of NeoGenomics in a research note on Tuesday. Piper Sandler set a $12.00 target price on NeoGenomics and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of NeoGenomics in a research note on Wednesday. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $12.88.

NeoGenomics Price Performance

The company has a current ratio of 3.92, a quick ratio of 1.95 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $662.18 million, a price-to-earnings ratio of -6.38 and a beta of 1.63. The stock has a 50-day moving average price of $7.03 and a 200 day moving average price of $9.37.

NeoGenomics (NASDAQ:NEO - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $171.38 million. NeoGenomics had a negative net margin of 15.10% and a negative return on equity of 2.72%. NeoGenomics's revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) earnings per share. As a group, equities research analysts expect that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Brian Perez bought 10,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $7.63 per share, for a total transaction of $76,300.00. Following the acquisition, the director owned 10,000 shares of the company's stock, valued at approximately $76,300. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael Aaron Kelly bought 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was bought at an average price of $7.60 per share, with a total value of $38,000.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at $38,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 50,600 shares of company stock worth $400,238. 2.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NeoGenomics

Institutional investors and hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC raised its holdings in NeoGenomics by 788.7% during the fourth quarter. Sterling Capital Management LLC now owns 3,706 shares of the medical research company's stock worth $61,000 after purchasing an additional 3,289 shares in the last quarter. Brooklyn Investment Group purchased a new position in NeoGenomics in the first quarter valued at about $35,000. CWM LLC increased its holdings in 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 NeoGenomics in the first quarter valued at about $60,000. Finally, Moors & Cabot Inc. purchased a new position in NeoGenomics in 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.