NeoGenomics (NASDAQ:NEO) Hits New 52-Week Low – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $8.83 and last traded at $8.95, with a volume of 59626 shares. The stock had previously closed at $9.42.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Benchmark downgraded NeoGenomics from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Piper Sandler decreased their price objective on NeoGenomics from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. The Goldman Sachs Group dropped their target price on shares of NeoGenomics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Bank of America reduced their price target on shares of NeoGenomics from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, Needham & Company LLC dropped their price objective on shares of NeoGenomics from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.60.

NeoGenomics Stock Performance

The firm’s 50 day simple moving average is $11.39 and its 200 day simple moving average is $14.12. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -14.16 and a beta of 1.28. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.91 and a current ratio of 1.98.

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

Hedge Funds Weigh In On NeoGenomics

Several institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in NeoGenomics in the fourth quarter valued at $26,000. Versant Capital Management Inc increased its stake in shares of NeoGenomics by 174.9% in the 4th quarter. Versant Capital Management Inc now owns 1,795 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 1,142 shares in the last quarter. Quarry LP acquired a new position in NeoGenomics in the 3rd quarter worth about $40,000. Sterling Capital Management LLC boosted its position in NeoGenomics by 788.7% during the fourth quarter. Sterling Capital Management LLC now owns 3,706 shares of the medical research company’s stock worth $61,000 after purchasing an additional 3,289 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of NeoGenomics by 203.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,156 shares of the medical research company’s stock valued at $70,000 after buying an additional 2,787 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.