NeoGenomics (NASDAQ:NEO) Stock Price Up 7.8% - Here's Why

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report)'s stock price was up 7.8% during mid-day trading on Monday . The stock traded as high as $10.07 and last traded at $10.05. Approximately 193,567 shares traded hands during trading, a decline of 79% from the average daily volume of 936,063 shares. The stock had previously closed at $9.32.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NEO shares. Benchmark downgraded NeoGenomics from a "buy" rating to a "hold" rating in a report on Monday, January 13th. The Goldman Sachs Group cut their price target on shares of NeoGenomics from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday. Bank of America dropped their price objective on shares of NeoGenomics from $19.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, February 19th. Needham & Company LLC reduced their target price on NeoGenomics from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Piper Sandler lowered their price target on NeoGenomics from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.30.

NeoGenomics Stock Performance

The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -15.40 and a beta of 1.41. The firm's 50-day moving average is $10.19 and its two-hundred day moving average is $13.61. The company has a current ratio of 1.98, a quick ratio of 1.91 and a debt-to-equity ratio of 0.38.

NeoGenomics (NASDAQ:NEO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical research company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $173.40 million. As a group, sell-side analysts expect that NeoGenomics, Inc. will post -0.2 earnings per share for the current year.

Institutional Trading of NeoGenomics

Several large investors have recently added to or reduced their stakes in NEO. Nordea Investment Management AB increased its holdings in shares of NeoGenomics by 2.8% during the 4th quarter. Nordea Investment Management AB now owns 77,534 shares of the medical research company's stock worth $1,301,000 after buying an additional 2,125 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of NeoGenomics by 1.2% in the third quarter. Geode Capital Management LLC now owns 3,051,806 shares of the medical research company's stock valued at $45,022,000 after acquiring an additional 36,136 shares in the last quarter. Swiss National Bank boosted its holdings in NeoGenomics by 1.0% in the fourth quarter. Swiss National Bank now owns 252,100 shares of the medical research company's stock valued at $4,155,000 after purchasing an additional 2,600 shares during the period. Jennison Associates LLC grew its stake in NeoGenomics by 18.7% during the 4th 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. Finally, Rhumbline Advisers increased its holdings in NeoGenomics by 2.4% during the 4th quarter. Rhumbline Advisers now owns 389,003 shares of the medical research company's stock worth $6,411,000 after purchasing an additional 9,098 shares during the period. 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.