NeoGenomics (NASDAQ:NEO) Trading Down 8% – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO) shares dropped 8% on Monday . The company traded as low as $13.55 and last traded at $13.59. Approximately 226,218 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 819,208 shares. The stock had previously closed at $14.77.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NEO. Bank of America lifted their price target on NeoGenomics from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of NeoGenomics in a report on Friday. Jefferies Financial Group started coverage on shares of NeoGenomics in a research report on Tuesday, December 10th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Benchmark lowered shares of NeoGenomics from a “buy” rating to a “hold” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, NeoGenomics currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

NeoGenomics Trading Down 17.7 %

The firm has a market cap of $1.56 billion, a P/E ratio of -19.92 and a beta of 1.24. The company has a current ratio of 1.99, a quick ratio of 1.91 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average price is $16.82 and its two-hundred day moving average price is $15.67.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings results on Tuesday, November 5th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. NeoGenomics had a negative return on equity of 2.11% and a negative net margin of 12.07%. The business had revenue of $167.80 million during the quarter, compared to analysts’ expectations of $167.00 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that NeoGenomics, Inc. will post -0.16 EPS for the current fiscal year.

Insider Buying and Selling at NeoGenomics

In related news, General Counsel Alicia C. Olivo sold 5,175 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $15.36, for a total value of $79,488.00. Following the completion of the transaction, the general counsel now directly owns 37,129 shares in the company, valued at approximately $570,301.44. The trade was a 12.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Trading of NeoGenomics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of NeoGenomics by 1.2% during the third quarter. Geode Capital Management LLC now owns 3,051,806 shares of the medical research company’s stock worth $45,022,000 after buying an additional 36,136 shares in the last quarter. Jennison Associates LLC boosted its holdings in NeoGenomics by 4.7% in the 3rd quarter. Jennison Associates LLC now owns 1,276,468 shares of the medical research company’s stock valued at $18,828,000 after purchasing an additional 57,041 shares during the period. First Light Asset Management LLC grew its position in shares of NeoGenomics by 14.5% during the 2nd quarter. First Light Asset Management LLC now owns 3,782,561 shares of the medical research company’s stock worth $52,464,000 after purchasing an additional 480,396 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of NeoGenomics by 42.3% during the third quarter. Blue Trust Inc. now owns 3,318 shares of the medical research company’s stock worth $46,000 after purchasing an additional 987 shares during the period. Finally, Sei Investments Co. raised its position in shares of NeoGenomics by 152.6% in the second quarter. Sei Investments Co. now owns 263,761 shares of the medical research company’s stock valued at $3,658,000 after buying an additional 159,350 shares in the last quarter. 98.50% of the stock is owned by 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.