NeoGenomics (NASDAQ:NEO) Trading 4.8% Higher - Here's Why

Key Points

• NeoGenomics shares rose 4.8% to about $19.25, although trading volume was 89% below the average session volume.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $17.67; Craig Hallum set a $19 target while Benchmark raised its target to $16.
• The company exceeded quarterly expectations, reporting $0.05 EPS versus $0.03 expected and $201.66 million in revenue, up 11.2% year over year, despite continuing net losses.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) shares shot up 4.8% during mid-day trading on Thursday . The stock traded as high as $19.23 and last traded at $19.2450. 255,486 shares were traded during mid-day trading, a decline of 89% from the average session volume of 2,246,748 shares. The stock had previously closed at $18.36.

Analysts Set New Price Targets

NEO has been the subject of several recent research reports. Benchmark boosted their price objective on NeoGenomics from $11.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, July 24th. TD Cowen restated a "buy" rating on shares of NeoGenomics in a report on Wednesday, July 15th. Craig Hallum restated a "buy" rating and set a $19.00 price objective on shares of NeoGenomics in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of NeoGenomics from a "hold" rating to a "buy" rating in a research note on Saturday, June 27th. Finally, Weiss Ratings upgraded NeoGenomics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, NeoGenomics presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.67.

NeoGenomics Trading Up 4.7%

The business's fifty day moving average price is $16.65 and its 200 day moving average price is $12.30. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.60 and a quick ratio of 3.35. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -48.04 and a beta of 1.75.

NeoGenomics (NASDAQ:NEO - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.02. NeoGenomics had a negative net margin of 6.77% and a negative return on equity of 1.99%. The company had revenue of $201.66 million for the quarter, compared to analysts' expectations of $196.93 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The business's revenue was up 11.2% on a year-over-year basis. Research analysts anticipate that NeoGenomics, Inc. will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NeoGenomics

Several hedge funds have recently modified their holdings of NEO. Allworth Financial LP grew its holdings in shares of NeoGenomics by 110.4% in the second quarter. Allworth Financial LP now owns 4,132 shares of the medical research company's stock valued at $60,000 after acquiring an additional 2,168 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in NeoGenomics in the second quarter worth $99,000. MQS Management LLC purchased a new position in NeoGenomics in the first quarter worth $75,000. Moors & Cabot Inc. grew its stake in NeoGenomics by 12.7% in the 4th quarter. Moors & Cabot Inc. now owns 15,500 shares of the medical research company's stock valued at $182,000 after purchasing an additional 1,750 shares during the period. Finally, Stephens Inc. AR purchased a new stake in shares of NeoGenomics during the 1st quarter valued at $143,000. Institutional investors own 98.50% of the company's stock.

NeoGenomics Company Profile

NeoGenomics, Inc is a provider of cancer-focused diagnostic testing and contract research services. The company operates clinical laboratories that support physicians, hospitals and other healthcare organizations with information used to help diagnose, classify and monitor cancer.

Its testing services include anatomic pathology, immunohistochemistry, flow cytometry, cytogenetics, fluorescence in situ hybridization, molecular testing and next-generation sequencing. NeoGenomics also provides biopharmaceutical companies with clinical trial testing, central laboratory services, biomarker development and other research services intended to support the development of oncology therapies and companion diagnostics.

Founded in 1999, NeoGenomics serves healthcare providers and pharmaceutical and biotechnology customers primarily in the United States, with additional capabilities supporting international clinical research programs.

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