NeoGenomics (NASDAQ:NEO) Stock Price Down 5.2% - Here's Why

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares traded down 5.2% during trading on Thursday . The stock traded as low as $7.36 and last traded at $7.42. 1,802,819 shares changed hands during trading, an increase of 50% from the average session volume of 1,199,262 shares. The stock had previously closed at $7.83.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Morgan Stanley lowered their target price on shares of NeoGenomics from $17.00 to $10.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC lowered their target price on shares of NeoGenomics from $18.00 to $8.50 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Leerink Partners cut shares of NeoGenomics from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $25.00 to $9.00 in a report on Wednesday, April 30th. Guggenheim assumed coverage on shares of NeoGenomics in a report on Thursday, May 15th. They set a "neutral" rating on the stock. Finally, Wall Street Zen raised shares of NeoGenomics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, NeoGenomics has a consensus rating of "Hold" and an average price target of $13.83.

NeoGenomics Price Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.98 and a quick ratio of 1.91. The stock has a market cap of $909.87 million, a price-to-earnings ratio of -11.40 and a beta of 1.65. The business's 50-day simple moving average is $8.20 and its two-hundred day simple moving average is $11.76.

NeoGenomics (NASDAQ:NEO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The medical research company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). NeoGenomics had a negative net margin of 11.92% and a negative return on equity of 2.10%. The company had revenue of $168.04 million during the quarter, compared to analyst estimates of $171.38 million. During the same quarter in the prior year, the business earned ($0.02) EPS. The business's quarterly revenue was up 7.6% on a year-over-year basis. Research analysts expect that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

Insider Transactions at NeoGenomics

In other NeoGenomics news, CFO Jeffrey Scott Sherman purchased 20,000 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were bought at an average price of $7.51 per share, for a total transaction of $150,200.00. Following the completion of the acquisition, the chief financial officer now owns 158,494 shares in the company, valued at approximately $1,190,289.94. This trade represents a 14.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael Aaron Kelly bought 5,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were purchased at an average cost of $7.60 per share, with a total value of $38,000.00. Following the purchase, the director now directly owns 5,000 shares of the company's stock, valued at $38,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 70,600 shares of company stock worth $550,438. Company insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On NeoGenomics

Several hedge funds and other institutional investors have recently bought and sold shares of NEO. SBI Securities Co. Ltd. bought a new stake in shares of NeoGenomics during the fourth quarter worth about $26,000. Sterling Capital Management LLC increased its position 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 worth $61,000 after acquiring an additional 3,289 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of NeoGenomics during the first quarter worth about $35,000. Smartleaf Asset Management LLC increased its position in shares of NeoGenomics by 203.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,156 shares of the medical research company's stock worth $70,000 after acquiring an additional 2,787 shares in the last quarter. Finally, CWM LLC increased its position 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 worth $60,000 after acquiring an additional 1,883 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

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.