NeoGenomics (NASDAQ:NEO) Rating Increased to Strong-Buy at BidaskClub
BidaskClub upgraded shares of NeoGenomics (NASDAQ:NEO) from a buy rating to a strong-buy rating in a research note released on Friday, BidAskClub reports.
Several other equities analysts have also issued reports on NEO. Zacks Investment Research lowered NeoGenomics from a strong-buy rating to a hold rating in a research report on Friday, August 7th. Morgan Stanley initiated coverage on shares of NeoGenomics in a research note on Wednesday, September 9th. They issued an overweight rating and a $46.00 target price on the stock. Bank of America began coverage on shares of NeoGenomics in a report on Thursday, June 25th. They set a buy rating and a $34.00 price target on the stock. Guggenheim assumed coverage on shares of NeoGenomics in a report on Friday, August 28th. They issued a buy rating and a $46.00 price objective for the company. Finally, Raymond James increased their target price on NeoGenomics from $32.00 to $40.00 and gave the company an outperform rating in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $37.50.
Shares of NASDAQ NEO opened at $39.86 on Friday. The company has a 50 day simple moving average of $36.97 and a two-hundred day simple moving average of $32.53. NeoGenomics has a fifty-two week low of $19.40 and a fifty-two week high of $41.03. The company has a market capitalization of $4.40 billion, a price-to-earnings ratio of -797.20 and a beta of 0.80. The company has a debt-to-equity ratio of 0.25, a quick ratio of 6.44 and a current ratio of 6.79.
NeoGenomics (NASDAQ:NEO) last posted its quarterly earnings results on Tuesday, July 28th. The medical research company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.06. The company had revenue of $86.90 million for the quarter, compared to the consensus estimate of $86.55 million. NeoGenomics had a positive return on equity of 0.73% and a negative net margin of 1.33%. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.07 EPS. On average, analysts forecast that NeoGenomics will post -0.01 earnings per share for the current fiscal year.
In other news, insider George Cardoza sold 82,500 shares of the company’s 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 sale, the insider now directly owns 433,402 shares in the company, valued at approximately $17,054,368.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer Balliet sold 13,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was 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. In the last three months, insiders sold 538,006 shares of company stock worth $20,157,671. 6.50% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in NEO. Vanguard Group Inc. grew its position in shares of NeoGenomics by 4.3% during the second quarter. Vanguard Group Inc. now owns 11,240,602 shares of the medical research company’s stock worth $348,234,000 after purchasing an additional 462,957 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of NeoGenomics by 68.2% in 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. State Street Corp boosted its position in shares of 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 acquiring an additional 236,659 shares during the last quarter. Geode Capital Management LLC grew its stake in NeoGenomics by 6.3% during the first quarter. Geode Capital Management LLC now owns 1,501,440 shares of the medical research company’s stock valued at $41,453,000 after acquiring an additional 88,329 shares in the last quarter. Finally, Emerald Advisers LLC increased its holdings in NeoGenomics by 7.7% in the 2nd quarter. Emerald Advisers LLC now owns 1,425,555 shares of the medical research company’s stock valued at $44,164,000 after acquiring an additional 102,257 shares during the last quarter. Hedge funds and other institutional investors own 91.67% of the company’s stock.
NeoGenomics Company Profile
NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States, as well as 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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