Synovus Financial Corp Raises Stock Holdings in NeoGenomics, Inc. (NASDAQ:NEO)

Caroline Horne 2020-08-25 11:08

Synovus Financial Corp lifted its holdings in NeoGenomics, Inc. (NASDAQ:NEO) by 33.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,823 shares of the medical research company’s stock after buying an additional 3,940 shares during the quarter. Synovus Financial Corp’s holdings in NeoGenomics were worth $490,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Invesco Ltd. increased its holdings in NeoGenomics by 68.2% during the 1st quarter. Invesco Ltd. now owns 3,861,808 shares of the medical research company’s stock worth $106,624,000 after purchasing an additional 1,565,935 shares during the period. State Street Corp increased its holdings in NeoGenomics by 8.5% during the 1st quarter. State Street Corp now owns 3,007,606 shares of the medical research company’s stock worth $83,040,000 after purchasing an additional 236,659 shares during the period. Eagle Asset Management Inc. increased its holdings in NeoGenomics by 0.8% during the 1st quarter. Eagle Asset Management Inc. now owns 2,506,782 shares of the medical research company’s stock worth $69,212,000 after purchasing an additional 19,679 shares during the period. Geode Capital Management LLC increased its holdings in NeoGenomics by 6.3% during the 1st quarter. Geode Capital Management LLC now owns 1,501,440 shares of the medical research company’s stock worth $41,453,000 after purchasing an additional 88,329 shares during the period. Finally, Emerald Advisers LLC increased its holdings in NeoGenomics by 7.7% during the 2nd quarter. Emerald Advisers LLC now owns 1,425,555 shares of the medical research company’s stock worth $44,164,000 after purchasing an additional 102,257 shares during the period. Hedge funds and other institutional investors own 88.78% of the company’s stock.

In other NeoGenomics news, insider Robert J. Shovlin sold 81,356 shares of NeoGenomics stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $38.17, for a total transaction of $3,105,358.52. Following the completion of the sale, the insider now owns 212,902 shares of the company’s stock, valued at approximately $8,126,469.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider George Cardoza sold 82,500 shares of NeoGenomics stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $39.35, for a total value of $3,246,375.00. Following the sale, the insider now directly owns 433,402 shares of the company’s stock, valued at approximately $17,054,368.70. The disclosure for this sale can be found here. Insiders sold a total of 198,856 shares of company stock valued at $7,711,404 in the last three months. Insiders own 6.50% of the company’s stock.

NeoGenomics stock opened at $38.12 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 6.79 and a quick ratio of 6.44. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 1,349.33 and a beta of 0.82. NeoGenomics, Inc. has a 1-year low of $18.52 and a 1-year high of $41.03. The business has a fifty day moving average price of $37.72 and a 200-day moving average price of $30.72.

NeoGenomics (NASDAQ:NEO) last posted its quarterly earnings data on Tuesday, July 28th. The medical research company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.06. The firm had revenue of $86.90 million during the quarter, compared to analysts’ expectations of $86.55 million. NeoGenomics had a positive return on equity of 0.73% and a negative net margin of 1.33%. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.07 EPS. On average, equities research analysts anticipate that NeoGenomics, Inc. will post -0.01 earnings per share for the current fiscal year.

Several research firms have commented on NEO. CIBC downgraded NeoGenomics to a “neutral” rating and reduced their price objective for the stock from $11.00 to $9.00 in a report on Friday, May 15th. SVB Leerink raised their price objective on NeoGenomics from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Benchmark lifted their price target on NeoGenomics from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. ValuEngine downgraded NeoGenomics from a “buy” rating to a “hold” rating in a report on Friday, May 1st. Finally, Raymond James lifted their price target on NeoGenomics from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $35.80.

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.