Bank of America Lowers NeoGenomics (NASDAQ:NEO) Price Target to $16.00

NeoGenomics (NASDAQ:NEO) had its price target dropped by analysts at Bank of America from $19.00 to $16.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the medical research company’s stock. Bank of America‘s price objective would indicate a potential upside of 34.91% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group lowered their price target on shares of NeoGenomics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Needham & Company LLC lowered their price target on shares of NeoGenomics from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday. Benchmark downgraded shares of NeoGenomics from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Jefferies Financial Group assumed coverage on shares of NeoGenomics in a report on Tuesday, December 10th. They issued a “buy” rating and a $22.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.80.

NeoGenomics Price Performance

Shares of NASDAQ:NEO opened at $11.86 on Wednesday. The company has a quick ratio of 1.91, a current ratio of 1.99 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.52 billion, a PE ratio of -19.13 and a beta of 1.23. NeoGenomics has a twelve month low of $10.69 and a twelve month high of $19.11. The company has a 50-day moving average price of $15.28 and a two-hundred day moving average price of $15.49.

NeoGenomics (NASDAQ:NEO) last announced its quarterly earnings results on Tuesday, February 18th. The medical research company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). NeoGenomics had a negative return on equity of 2.09% and a negative net margin of 11.92%. The firm had revenue of $172.00 million during the quarter, compared to analysts’ expectations of $173.40 million. Equities analysts forecast that NeoGenomics will post -0.05 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NEO. Loomis Sayles & Co. L P purchased a new position in shares of NeoGenomics during the third quarter worth approximately $17,807,000. Segall Bryant & Hamill LLC raised its stake in shares of NeoGenomics by 67.0% during the third quarter. Segall Bryant & Hamill LLC now owns 1,893,407 shares of the medical research company’s stock worth $27,928,000 after acquiring an additional 759,524 shares in the last quarter. Bellevue Group AG raised its stake in shares of NeoGenomics by 34.2% during the third quarter. Bellevue Group AG now owns 1,612,612 shares of the medical research company’s stock worth $23,786,000 after acquiring an additional 410,516 shares in the last quarter. Norges Bank purchased a new position in shares of NeoGenomics during the fourth quarter worth approximately $6,273,000. Finally, Jennison Associates LLC raised its stake in shares of NeoGenomics by 18.7% during the fourth quarter. Jennison Associates LLC now owns 1,514,756 shares of the medical research company’s stock worth $24,963,000 after acquiring an additional 238,288 shares in the last quarter. 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.