NeoGenomics (NASDAQ:NEO) Stock Price Up 8.5% - Here's What Happened

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)'s stock price shot up 8.5% during trading on Thursday . The stock traded as high as $8.06 and last traded at $8.12. 654,497 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,033,579 shares. The stock had previously closed at $7.48.

Analyst Ratings Changes

NEO has been the subject of a number of recent analyst reports. Needham & Company LLC increased their target price on shares of NeoGenomics from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. TD Cowen raised their price objective on shares of NeoGenomics from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Friday. Morgan Stanley set a $8.00 target price on NeoGenomics and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. BTIG Research reaffirmed a "neutral" rating on shares of NeoGenomics in a report on Wednesday, July 30th. Finally, William Blair reiterated a "market perform" rating on shares of NeoGenomics in a research report on Tuesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $13.10.

NeoGenomics Stock Down 1.1%

The firm's 50-day moving average is $6.78 and its two-hundred day moving average is $7.86. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.58 and a current ratio of 3.92. The stock has a market cap of $1.03 billion, a P/E ratio of -9.86 and a beta of 1.62.

Institutional Trading of NeoGenomics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in NeoGenomics during the 2nd quarter valued at about $32,000. Brooklyn Investment Group bought a new stake in shares of NeoGenomics during the first quarter worth approximately $35,000. CWM LLC lifted 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 during the period. AlphaQuest LLC bought a new position in NeoGenomics in the first quarter valued at approximately $60,000. Finally, Capstone Financial Advisors Inc. acquired a new stake in NeoGenomics during the 2nd quarter worth $73,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.