Bank of New York Mellon Corp Decreases Stock Position in NeoGenomics, Inc. (NASDAQ:NEO)
Bank of New York Mellon Corp lessened its position in NeoGenomics, Inc. (NASDAQ:NEO) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,419,982 shares of the medical research company’s stock after selling 40,578 shares during the quarter. Bank of New York Mellon Corp owned about 1.29% of NeoGenomics worth $43,991,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in NeoGenomics by 68.2% during the first quarter. Invesco Ltd. now owns 3,861,808 shares of the medical research company’s stock worth $106,624,000 after buying an additional 1,565,935 shares in the last quarter. Fred Alger Management LLC lifted its position in NeoGenomics by 273.0% during the first quarter. Fred Alger Management LLC now owns 800,906 shares of the medical research company’s stock worth $22,113,000 after buying an additional 586,202 shares in the last quarter. Jennison Associates LLC lifted its position in NeoGenomics by 1,203.9% during the second quarter. Jennison Associates LLC now owns 395,699 shares of the medical research company’s stock worth $12,259,000 after buying an additional 365,352 shares in the last quarter. Federated Hermes Inc. lifted its position in NeoGenomics by 39.4% during the first quarter. Federated Hermes Inc. now owns 1,153,014 shares of the medical research company’s stock worth $31,835,000 after buying an additional 325,881 shares in the last quarter. Finally, State Street Corp lifted its position in NeoGenomics by 8.5% during the first quarter. State Street Corp now owns 3,007,606 shares of the medical research company’s stock worth $83,040,000 after buying an additional 236,659 shares in the last quarter. Institutional investors and hedge funds own 91.67% of the company’s stock.
A number of brokerages recently commented on NEO. BidaskClub downgraded NeoGenomics from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Benchmark raised their target price on NeoGenomics from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Guggenheim started coverage on NeoGenomics in a research note on Friday, August 28th. They set a “buy” rating and a $46.00 target price for the company. SVB Leerink raised their target price on NeoGenomics from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Finally, Needham & Company LLC raised their target price on NeoGenomics from $33.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. NeoGenomics currently has an average rating of “Buy” and a consensus price target of $36.73.
In related news, insider George Cardoza sold 82,500 shares of NeoGenomics stock in a transaction on 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 completion of the transaction, the insider now directly owns 433,402 shares in the company, valued at $17,054,368.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jennifer Balliet sold 13,000 shares of NeoGenomics stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $39.25, for a total value of $510,250.00. Following the completion of the transaction, the vice president now owns 37,980 shares of the company’s stock, valued at $1,490,715. The disclosure for this sale can be found here. Insiders sold 198,856 shares of company stock valued at $7,711,404 over the last ninety days. Insiders own 6.50% of the company’s stock.
Shares of NASDAQ NEO opened at $35.80 on Monday. NeoGenomics, Inc. has a twelve month low of $18.52 and a twelve month high of $41.03. The company has a current ratio of 6.79, a quick ratio of 6.44 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $38.39 and a 200-day simple moving average of $31.05. The stock has a market capitalization of $3.95 billion, a PE ratio of 1,193.33 and a beta of 0.80.
NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings data on Tuesday, July 28th. The medical research company reported ($0.04) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.06. NeoGenomics had a positive return on equity of 0.73% and a negative net margin of 1.33%. The business had revenue of $86.90 million during the quarter, compared to analysts’ expectations of $86.55 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The company’s revenue was down 14.6% on a year-over-year basis. On average, equities analysts predict that NeoGenomics, Inc. will post -0.01 earnings per share for the current year.
NeoGenomics Company Profile
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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