Zacks Investment Research Upgrades NeoGenomics (NASDAQ:NEO) to “Buy”
Zacks Investment Research upgraded shares of NeoGenomics (NASDAQ:NEO) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. The firm currently has $26.00 price objective on the medical research company’s stock.
According to Zacks, “NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization, flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and other reference laboratories throughout the United States. “
A number of other research firms also recently weighed in on NEO. Needham & Company LLC restated a buy rating and issued a $10.00 price target (down from $15.00) on shares of Nabriva Therapeutics in a research note on Wednesday, May 1st. BidaskClub downgraded Westport Fuel Systems from a buy rating to a hold rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. NeoGenomics presently has an average rating of Buy and an average target price of $21.22.
NeoGenomics stock opened at $23.47 on Wednesday. The company has a current ratio of 1.59, a quick ratio of 1.46 and a debt-to-equity ratio of 0.35. NeoGenomics has a 12 month low of $11.05 and a 12 month high of $24.84. The stock has a 50 day moving average of $23.00. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 146.69 and a beta of 0.78.
NeoGenomics (NASDAQ:NEO) last announced its earnings results on Tuesday, April 30th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. The firm had revenue of $95.60 million for the quarter, compared to analyst estimates of $89.71 million. NeoGenomics had a positive return on equity of 3.07% and a negative net margin of 0.14%. The business’s revenue was up 50.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS. As a group, sell-side analysts forecast that NeoGenomics will post 0.18 earnings per share for the current fiscal year.
In other NeoGenomics news, Director Raymond R. Hipp sold 150,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $22.41, for a total transaction of $3,361,500.00. Following the completion of the sale, the director now directly owns 256,059 shares in the company, valued at $5,738,282.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Bonello sold 7,200 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $23.53, for a total value of $169,416.00. Following the sale, the insider now owns 13,935 shares of the company’s stock, valued at $327,890.55. The disclosure for this sale can be found here. Insiders sold 338,876 shares of company stock valued at $7,674,362 over the last quarter. Insiders own 8.80% of the company’s stock.
Large investors have recently made changes to their positions in the business. NEXT Financial Group Inc increased its stake in NeoGenomics by 200.0% during the second quarter. NEXT Financial Group Inc now owns 2,700 shares of the medical research company’s stock worth $59,000 after acquiring an additional 1,800 shares during the last quarter. Winslow Evans & Crocker Inc. purchased a new stake in shares of NeoGenomics in the second quarter worth about $92,000. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of NeoGenomics in the fourth quarter worth about $103,000. Great West Life Assurance Co. Can boosted its position in shares of NeoGenomics by 53.9% in the fourth quarter. Great West Life Assurance Co. Can now owns 9,851 shares of the medical research company’s stock worth $120,000 after buying an additional 3,451 shares during the period. Finally, Oregon Public Employees Retirement Fund purchased a new stake in shares of NeoGenomics in the first quarter worth about $132,000. Institutional investors own 84.08% of the company’s stock.
About NeoGenomics
NeoGenomics, Inc, together with its subsidiaries, operates a network of cancer-focused genetic testing laboratories in the United States; and laboratories in Switzerland and Singapore. It operates in two segments, Clinical Services and Pharma Services. The company’s laboratories provide genetic and molecular testing services to hospitals, pathologists, oncologists, urologists, other clinicians and researchers, pharmaceutical firms, academic centers, and other clinical laboratories.
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