TD Cowen Forecasts Strong Price Appreciation for NeoGenomics (NASDAQ:NEO) Stock

Key Points

• TD Cowen has raised its price target for NeoGenomics from $10.00 to $12.00, indicating a potential upside of 46.52% based on the company's previous close.
• Several other analysts have also increased their price targets, with NeoGenomics receiving a mix of "buy" and "hold" ratings, resulting in a consensus price target of $13.10.
• Institutional investors own approximately 98.50% of NeoGenomics shares, showing strong interest in the stock within the investment community.

NeoGenomics (NASDAQ:NEO - Get Free Report) had its price objective lifted by equities research analysts at TD Cowen from $10.00 to $12.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the medical research company's stock. TD Cowen's price objective would indicate a potential upside of 46.52% from the company's previous close.

NEO has been the subject of a number of other reports. Stephens boosted their price objective on shares of NeoGenomics from $6.50 to $11.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Guggenheim started coverage on shares of NeoGenomics in a research report on Thursday, May 15th. They issued a "neutral" rating on the stock. BTIG Research restated a "neutral" rating on shares of NeoGenomics in a report on Wednesday, July 30th. Needham & Company LLC raised their price target on NeoGenomics from $8.00 to $14.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, Piper Sandler set a $11.00 price target on NeoGenomics and gave the company an "overweight" rating in a research note on Monday, August 4th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, NeoGenomics currently has an average rating of "Hold" and a consensus price target of $13.10.

NeoGenomics Stock Performance

NEO traded down $0.15 on Friday, hitting $8.19. 48,325 shares of the company's stock were exchanged, compared to its average volume of 2,035,105. The firm has a market cap of $1.06 billion, a PE ratio of -10.07 and a beta of 1.62. The stock has a fifty day moving average of $6.75 and a two-hundred day moving average of $7.92. NeoGenomics has a twelve month low of $4.72 and a twelve month high of $19.11. The company has a current ratio of 3.92, a quick ratio of 3.58 and a debt-to-equity ratio of 0.40.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Greenhouse Funds LLLP lifted its position in NeoGenomics by 57.8% in the 2nd quarter. Greenhouse Funds LLLP now owns 7,431,147 shares of the medical research company's stock worth $54,322,000 after buying an additional 2,722,823 shares during the last quarter. First Light Asset Management LLC lifted its position in NeoGenomics by 13.3% in the 2nd quarter. First Light Asset Management LLC now owns 6,846,432 shares of the medical research company's stock worth $50,047,000 after buying an additional 803,610 shares during the last quarter. American Century Companies Inc. lifted its position in NeoGenomics by 6.0% in the 2nd quarter. American Century Companies Inc. now owns 3,517,478 shares of the medical research company's stock worth $25,713,000 after buying an additional 197,876 shares during the last quarter. Geode Capital Management LLC lifted its position in NeoGenomics by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,156,621 shares of the medical research company's stock worth $23,078,000 after buying an additional 26,224 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in NeoGenomics by 0.5% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 2,362,049 shares of the medical research company's stock worth $17,267,000 after buying an additional 11,303 shares during the last quarter. Hedge funds and other 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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