NeoGenomics (NASDAQ:NEO) Trading 9.1% Higher - Here's What Happened

Key Points

• NeoGenomics shares surged 9.1%, reaching a high of $8.43 during mid-day trading, marking a significant increase from the previous close of $7.72.
• Analysts have a consensus rating of "Hold" for NeoGenomics, with a price target averaging $12.56, according to recent reports from multiple research firms.
• Approximately 98.5% of NeoGenomics stock is owned by institutional investors, with recent hedge fund activity reflecting increased interest in the company.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares traded up 9.1% during mid-day trading on Wednesday . The company traded as high as $8.38 and last traded at $8.43. 461,710 shares were traded during mid-day trading, a decline of 77% from the average session volume of 2,032,688 shares. The stock had previously closed at $7.72.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NEO shares. Cowen reiterated a "buy" rating on shares of NeoGenomics in a research note on Friday, September 12th. Needham & Company LLC upped their price target on shares of NeoGenomics from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. BTIG Research restated a "neutral" rating on shares of NeoGenomics in a research note on Wednesday, July 30th. Morgan Stanley set a $8.00 target price on shares of NeoGenomics and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, William Blair reiterated a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, NeoGenomics has a consensus rating of "Hold" and an average price target of $12.56.

NeoGenomics Stock Performance

The company has a market cap of $1.11 billion, a P/E ratio of -10.56 and a beta of 1.62. The company has a quick ratio of 3.58, a current ratio of 3.92 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $7.02 and a two-hundred day simple moving average of $7.73.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NEO. Brooklyn Investment Group purchased a new stake in shares of NeoGenomics in the first quarter worth $35,000. Headlands Technologies LLC purchased a new stake in NeoGenomics in the 2nd quarter worth $32,000. CWM LLC raised its holdings in 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 acquiring an additional 1,883 shares during the period. AlphaQuest LLC purchased a new position in shares of NeoGenomics in the first quarter valued at about $60,000. Finally, Moors & Cabot Inc. bought a new position in shares of NeoGenomics in the first quarter worth about $95,000. 98.50% of the stock is currently 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.

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