NeoGenomics (NASDAQ:NEO) Earns Overweight Rating from Analysts at Morgan Stanley

Michael Baxter 2020-09-12 08:09

Morgan Stanley assumed coverage on shares of NeoGenomics (NASDAQ:NEO) in a report published on Wednesday, Benzinga reports. The firm issued an overweight rating and a $46.00 price target on the medical research company’s stock.

A number of other research analysts have also recently issued reports on NEO. Raymond James lifted their target price on NeoGenomics from $32.00 to $40.00 and gave the company an outperform rating in a research report on Wednesday, July 29th. Guggenheim initiated coverage on NeoGenomics in a research report on Friday, August 28th. They issued a buy rating and a $46.00 target price on the stock. Benchmark lifted their price target on NeoGenomics from $35.00 to $40.00 and gave the company a buy rating in a research note on Wednesday, July 29th. Bank of America initiated coverage on NeoGenomics in a research note on Thursday, June 25th. They set a buy rating and a $34.00 price target on the stock. Finally, Zacks Investment Research lowered NeoGenomics from a strong-buy rating to a hold rating in a research note on Friday, August 7th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. NeoGenomics has an average rating of Buy and an average target price of $37.50.

Shares of NASDAQ NEO opened at $35.35 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 6.44 and a current ratio of 6.79. NeoGenomics has a 52 week low of $18.52 and a 52 week high of $41.03. The stock has a market capitalization of $4.08 billion, a P/E ratio of -707.00 and a beta of 0.80. The stock’s fifty day moving average is $38.31 and its 200 day moving average is $31.13.

NeoGenomics (NASDAQ:NEO) last released its earnings results on Tuesday, July 28th. The medical research company reported ($0.04) earnings per share (EPS) 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 firm had revenue of $86.90 million for the quarter, compared to analysts’ expectations of $86.55 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. Equities research analysts forecast that NeoGenomics will post -0.01 earnings per share for the current year.

In other NeoGenomics news, Director Steven C. Jones sold 37,991 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.13, for a total value of $1,410,605.83. Following the transaction, the director now directly owns 197,932 shares of the company’s stock, valued at $7,349,215.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jennifer Balliet sold 13,000 shares of the business’s stock in a transaction that occurred 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 directly owns 37,980 shares in the company, valued at $1,490,715. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 247,273 shares of company stock worth $9,498,701. 6.50% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citizens Financial Group Inc RI increased its holdings in shares of NeoGenomics by 11.8% during the second quarter. Citizens Financial Group Inc RI now owns 4,332 shares of the medical research company’s stock valued at $134,000 after acquiring an additional 457 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of NeoGenomics by 6.8% during the second quarter. Ameritas Investment Partners Inc. now owns 9,152 shares of the medical research company’s stock valued at $284,000 after acquiring an additional 583 shares in the last quarter. Private Advisor Group LLC grew its holdings in NeoGenomics by 3.2% during the first quarter. Private Advisor Group LLC now owns 19,035 shares of the medical research company’s stock worth $526,000 after buying an additional 589 shares in the last quarter. ETRADE Capital Management LLC grew its holdings in NeoGenomics by 1.5% during the second quarter. ETRADE Capital Management LLC now owns 43,648 shares of the medical research company’s stock worth $1,353,000 after buying an additional 628 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in NeoGenomics by 5.1% during the first quarter. Fifth Third Bancorp now owns 14,127 shares of the medical research company’s stock worth $390,000 after buying an additional 683 shares in the last quarter. Hedge funds and other institutional investors own 91.67% 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.