NeoGenomics (NASDAQ:NEO) Stock Price Down 6.4% – Here’s Why

Shares of NeoGenomics, Inc. (NASDAQ:NEO) fell 6.4% during trading on Tuesday . The company traded as low as $13.75 and last traded at $13.81. 785,880 shares changed hands during trading, a decline of 4% from the average session volume of 814,727 shares. The stock had previously closed at $14.75.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Stephens reiterated an “overweight” rating and issued a $19.00 target price on shares of NeoGenomics in a report on Tuesday, July 30th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 target price on shares of NeoGenomics in a report on Wednesday, September 25th. Finally, Benchmark reiterated a “buy” rating and issued a $18.00 target price on shares of NeoGenomics in a report on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.89.

NeoGenomics Price Performance

The stock’s fifty day moving average price is $16.02 and its 200-day moving average price is $14.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.01 and a quick ratio of 1.93. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -21.47 and a beta of 1.19.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings results on Monday, July 29th. The medical research company reported $0.03 earnings per share (EPS) for the quarter. NeoGenomics had a negative net margin of 12.50% and a negative return on equity of 2.72%. The business had revenue of $164.50 million for the quarter, compared to analyst estimates of $161.82 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share. The firm’s revenue was up 12.0% compared to the same quarter last year. Equities research analysts predict that NeoGenomics, Inc. will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in NeoGenomics by 107.2% during the second quarter. Blue Trust Inc. now owns 2,331 shares of the medical research company’s stock valued at $32,000 after purchasing an additional 1,206 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in NeoGenomics during the second quarter valued at approximately $57,000. PNC Financial Services Group Inc. grew its position in 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 valued at $136,000 after purchasing an additional 1,791 shares in the last quarter. Banque Cantonale Vaudoise grew its position in NeoGenomics by 10.2% in the second quarter. Banque Cantonale Vaudoise now owns 17,575 shares of the medical research company’s stock worth $244,000 after acquiring an additional 1,633 shares in the last quarter. Finally, Gabelli Funds LLC bought a new stake in NeoGenomics in the first quarter worth approximately $283,000. 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.