NeoGenomics (NASDAQ:NEO) Stock Price Down 2.5% – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price was down 2.5% during mid-day trading on Wednesday . The stock traded as low as $13.64 and last traded at $13.68. Approximately 142,771 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 820,799 shares. The stock had previously closed at $14.03.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NEO shares. Benchmark reaffirmed a “buy” rating and set a $18.00 price target on shares of NeoGenomics in a research report on Tuesday, September 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of NeoGenomics in a report on Wednesday, September 25th. Finally, Stephens reaffirmed an “overweight” rating and issued a $19.00 target price on shares of NeoGenomics in a research report on Tuesday, July 30th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.89.

NeoGenomics Trading Up 0.4 %

The company has a market cap of $1.73 billion, a P/E ratio of -20.55 and a beta of 1.19. The company has a quick ratio of 1.93, a current ratio of 2.01 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $15.44 and a two-hundred day moving average price of $14.80.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings data on Monday, July 29th. The medical research company reported $0.03 earnings per share (EPS) for the quarter. The firm had revenue of $164.50 million during the quarter, compared to analysts’ expectations of $161.82 million. NeoGenomics had a negative net margin of 12.50% and a negative return on equity of 2.72%. The business’s revenue was up 12.0% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. On average, analysts predict that NeoGenomics, Inc. will post -0.21 EPS for the current year.

Institutional Trading of NeoGenomics

Large investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in shares of NeoGenomics by 107.2% in the 2nd quarter. Blue Trust Inc. now owns 2,331 shares of the medical research company’s stock worth $32,000 after purchasing an additional 1,206 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in NeoGenomics in the second quarter valued at approximately $57,000. PNC Financial Services Group Inc. raised its holdings in shares of NeoGenomics by 27.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,434 shares of the medical research company’s stock worth $136,000 after acquiring an additional 1,791 shares during the period. Banque Cantonale Vaudoise lifted its stake in NeoGenomics by 6.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 15,942 shares of the medical research company’s stock valued at $251,000 after purchasing an additional 993 shares during the last quarter. Finally, Gabelli Funds LLC bought a new position in shares of NeoGenomics in the first quarter worth $283,000. 98.50% of the stock is currently 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.