NeoGenomics (NASDAQ:NEO) Shares Gap Down on Analyst Downgrade

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price gapped down prior to trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $15.00 to $10.00. The stock had previously closed at $9.97, but opened at $9.64. The Goldman Sachs Group currently has a buy rating on the stock. NeoGenomics shares last traded at $7.59, with a volume of 85,531 shares changing hands.

Several other research firms have also recently commented on NEO. Piper Sandler cut their price target on NeoGenomics from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Bank of America cut their price objective on NeoGenomics from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Needham & Company LLC lowered their target price on NeoGenomics from $18.00 to $8.50 and set a “buy” rating for the company in a report on Tuesday. Leerink Partners lowered NeoGenomics from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $25.00 to $9.00 in a report on Wednesday. Finally, Benchmark lowered NeoGenomics from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.05.

Institutional Investors Weigh In On NeoGenomics

Several hedge funds have recently modified their holdings of NEO. Vanguard Group Inc. increased its stake in NeoGenomics by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 14,239,887 shares of the medical research company’s stock worth $234,673,000 after purchasing an additional 195,793 shares in the last quarter. Greenhouse Funds LLLP increased its position in NeoGenomics by 5.3% in the 4th quarter. Greenhouse Funds LLLP now owns 4,701,897 shares of the medical research company’s stock worth $77,487,000 after buying an additional 237,491 shares during the period. Dimensional Fund Advisors LP increased its position in NeoGenomics by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,436,858 shares of the medical research company’s stock worth $56,645,000 after buying an additional 78,211 shares during the period. First Light Asset Management LLC increased its position in NeoGenomics by 3.0% in the 4th quarter. First Light Asset Management LLC now owns 3,167,585 shares of the medical research company’s stock worth $52,202,000 after buying an additional 91,030 shares during the period. Finally, Segall Bryant & Hamill LLC increased its position in shares of NeoGenomics by 11.6% during the fourth quarter. Segall Bryant & Hamill LLC now owns 2,113,822 shares of the medical research company’s stock valued at $34,836,000 after purchasing an additional 220,415 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

NeoGenomics Trading Down 2.9 %

The firm has a market capitalization of $822.12 million, a P/E ratio of -10.31 and a beta of 1.41. 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 business has a 50-day moving average price of $9.54 and a 200-day moving average price of $13.36.

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 the consensus estimate of $0.03 by ($0.05). NeoGenomics had a negative net margin of 11.92% and a negative return on equity of 2.10%. The firm had revenue of $172.00 million for the quarter, compared to the consensus estimate of $173.40 million. Analysts anticipate that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

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.