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

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

Wall Street Analysts Forecast Growth

NEO has been the subject of several research analyst reports. The Goldman Sachs Group reduced their price target on shares of NeoGenomics from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Guggenheim began coverage on NeoGenomics in a report on Thursday, May 15th. They issued a "neutral" rating for the company. Leerink Partners downgraded NeoGenomics from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $25.00 to $9.00 in a report on Wednesday, April 30th. Piper Sandler set a $12.00 price target on NeoGenomics and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC decreased their price objective on NeoGenomics from $18.00 to $8.50 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $13.83.

NeoGenomics Stock Performance

The company has a quick ratio of 1.91, a current ratio of 1.98 and a debt-to-equity ratio of 0.38. The stock has a market cap of $951.06 million, a P/E ratio of -11.92 and a beta of 1.65. The firm's 50-day moving average is $8.25 and its two-hundred day moving average is $11.94.

NeoGenomics (NASDAQ:NEO - Get Free Report) last released its quarterly 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). The business had revenue of $168.04 million for the quarter, compared to the consensus estimate of $171.38 million. NeoGenomics had a negative net margin of 11.92% and a negative return on equity of 2.10%. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.02) EPS. As a group, research analysts expect that NeoGenomics, Inc. will post -0.2 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NEO. PNC Financial Services Group Inc. increased its stake in NeoGenomics by 5.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,610 shares of the medical research company's stock valued at $257,000 after acquiring an additional 770 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of NeoGenomics by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,339 shares of the medical research company's stock worth $220,000 after purchasing an additional 863 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of NeoGenomics during the fourth quarter valued at approximately $26,000. CWM LLC raised its stake 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 purchasing an additional 1,883 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in NeoGenomics by 15.9% in the fourth quarter. NewEdge Advisors LLC now owns 18,622 shares of the medical research company's stock worth $307,000 after purchasing an additional 2,558 shares during the period. 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.

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