NeoGenomics (NASDAQ:NEO) Stock Price Down 7% – What’s Next?

NeoGenomics, Inc. (NASDAQ:NEO) shares were down 7% on Wednesday . The stock traded as low as $10.30 and last traded at $10.12. Approximately 296,896 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 788,880 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Piper Sandler dropped their price target on shares of NeoGenomics from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. The Goldman Sachs Group cut their price target on NeoGenomics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Needham & Company LLC decreased their price objective on NeoGenomics from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Benchmark lowered NeoGenomics from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Jefferies Financial Group initiated 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 eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.60.

NeoGenomics Stock Performance

The company has a market capitalization of $1.22 billion, a P/E ratio of -15.35 and a beta of 1.28. The company has a quick ratio of 1.91, a current ratio of 1.98 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average is $13.26 and its two-hundred day moving average is $14.85.

NeoGenomics (NASDAQ:NEO) last posted its earnings results on Tuesday, February 18th. The medical research company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The business had revenue of $172.00 million during the quarter, compared to the consensus estimate of $173.40 million. NeoGenomics had a negative return on equity of 2.10% and a negative net margin of 11.92%. Equities analysts anticipate that NeoGenomics, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NeoGenomics

A number of large investors have recently modified their holdings of NEO. Loomis Sayles & Co. L P purchased a new stake in NeoGenomics in the third quarter worth about $17,807,000. Segall Bryant & Hamill LLC lifted its stake in shares of NeoGenomics by 67.0% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,893,407 shares of the medical research company’s stock valued at $27,928,000 after purchasing an additional 759,524 shares during the period. Bellevue Group AG boosted its position 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 valued at $23,786,000 after purchasing an additional 410,516 shares in the last quarter. Norges Bank purchased a new stake in NeoGenomics in the fourth quarter worth $6,273,000. Finally, Jennison Associates LLC raised its holdings in NeoGenomics by 18.7% in the fourth quarter. Jennison Associates LLC now owns 1,514,756 shares of the medical research company’s stock worth $24,963,000 after purchasing an additional 238,288 shares in the last quarter. 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.