NeoGenomics (NASDAQ:NEO) Trading Up 8.5% - Still a Buy?

Key Points

• NeoGenomics' shares rose 8.5% during trading, reaching a high of $8.06, although the trading volume was significantly lower than average.
• Analysts have a consensus rating of "Hold" on NeoGenomics, with five rating it as a Buy and a price target range varying from $8.00 to $13.22.
• Institutional investors own 98.50% of NeoGenomics' stock, with various hedge funds increasing their stakes significantly in recent quarters.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares shot up 8.5% during mid-day trading on Thursday . The stock traded as high as $8.06 and last traded at $8.12. 654,497 shares changed hands during trading, a decline of 68% from the average session volume of 2,033,579 shares. The stock had previously closed at $7.48.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NEO. William Blair reissued a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. BTIG Research reiterated a "neutral" rating on shares of NeoGenomics in a research report on Wednesday, July 30th. Guggenheim initiated coverage on NeoGenomics in a research report on Thursday, May 15th. They set a "neutral" rating for the company. Piper Sandler set a $11.00 price target on NeoGenomics and gave the stock an "overweight" rating in a research report on Monday, August 4th. Finally, Morgan Stanley set a $8.00 price objective on shares of NeoGenomics and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $13.22.

NeoGenomics Stock Performance

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 cap of $1.08 billion, a price-to-earnings ratio of -10.30 and a beta of 1.62. The company has a fifty day moving average price of $6.73 and a two-hundred day moving average price of $7.94.

Institutional Investors Weigh In On NeoGenomics

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in NeoGenomics by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 33,461 shares of the medical research company's stock valued at $318,000 after acquiring an additional 11,733 shares in the last quarter. GAMMA Investing LLC increased its position in NeoGenomics by 1,107.7% during the first quarter. GAMMA Investing LLC now owns 17,765 shares of the medical research company's stock worth $1,872,000 after buying an additional 16,294 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of NeoGenomics during the 4th quarter valued at about $276,000. Segall Bryant & Hamill LLC raised its stake in shares of NeoGenomics by 11.2% in the 1st quarter. Segall Bryant & Hamill LLC now owns 2,350,746 shares of the medical research company's stock valued at $22,309,000 after acquiring an additional 236,924 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in NeoGenomics in the 1st quarter worth approximately $178,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

About NeoGenomics

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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