Needham & Company LLC Reaffirms “Buy” Rating for NeoGenomics (NASDAQ:NEO)

NeoGenomics (NASDAQ:NEO)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They presently have a $19.00 price objective on the medical research company’s stock. Needham & Company LLC’s price target indicates a potential upside of 28.64% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of NeoGenomics in a report on Tuesday, September 24th. Jefferies Financial Group started coverage on shares of NeoGenomics in a research report on Tuesday, December 10th. They issued a “buy” rating and a $22.00 target price for the company. Finally, Bank of America increased their target price on shares of NeoGenomics from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, NeoGenomics has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

NeoGenomics Stock Down 20.6 %

NEO stock opened at $14.77 on Friday. The company has a quick ratio of 1.91, a current ratio of 1.99 and a debt-to-equity ratio of 0.37. NeoGenomics has a fifty-two week low of $12.77 and a fifty-two week high of $19.11. The firm’s 50-day simple moving average is $16.82 and its 200 day simple moving average is $15.66. The stock has a market cap of $1.90 billion, a PE ratio of -24.21 and a beta of 1.24.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings data on Tuesday, November 5th. The medical research company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. NeoGenomics had a negative net margin of 12.07% and a negative return on equity of 2.11%. The business had revenue of $167.80 million for the quarter, compared to analysts’ expectations of $167.00 million. During the same quarter last year, the company earned ($0.06) EPS. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that NeoGenomics will post -0.16 EPS for the current year.

Insider Activity

In other news, General Counsel Alicia C. Olivo sold 5,175 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $15.36, for a total transaction of $79,488.00. Following the completion of the transaction, the general counsel now owns 37,129 shares in the company, valued at approximately $570,301.44. This trade represents a 12.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NEO. TD Asset Management Inc boosted its holdings in shares of NeoGenomics by 3.2% in the second quarter. TD Asset Management Inc now owns 203,646 shares of the medical research company’s stock worth $2,825,000 after buying an additional 6,400 shares during the period. Arizona State Retirement System boosted its holdings in shares of NeoGenomics by 2.0% in the second quarter. Arizona State Retirement System now owns 35,739 shares of the medical research company’s stock worth $496,000 after buying an additional 708 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of NeoGenomics by 12.7% in the second quarter. Texas Permanent School Fund Corp now owns 125,705 shares of the medical research company’s stock worth $1,742,000 after purchasing an additional 14,148 shares in the last quarter. American Century Companies Inc. lifted its position in shares of NeoGenomics by 5.4% in the second quarter. American Century Companies Inc. now owns 3,261,756 shares of the medical research company’s stock worth $45,241,000 after purchasing an additional 167,145 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of NeoGenomics by 8.9% in the second quarter. Federated Hermes Inc. now owns 142,587 shares of the medical research company’s stock worth $1,978,000 after purchasing an additional 11,599 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.