Needham & Company LLC Reiterates “Buy” Rating for NeoGenomics (NASDAQ:NEO)

Alphonse Anthony 2021-03-07 07:03

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Needham & Company LLC reissued their buy rating on shares of NeoGenomics (NASDAQ:NEO) in a research note published on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the medical research company’s stock.

A number of other research analysts have also weighed in on NEO. SVB Leerink boosted their target price on shares of NeoGenomics from $50.00 to $60.00 and gave the stock an outperform rating in a research report on Friday, January 8th. Craig Hallum boosted their target price on shares of NeoGenomics from $50.00 to $65.00 and gave the stock a buy rating in a research report on Thursday, February 25th. Truist assumed coverage on shares of NeoGenomics in a research report on Wednesday, January 27th. They set a buy rating and a $65.00 target price for the company. Raymond James lowered shares of NeoGenomics from an outperform rating to a market perform rating in a research report on Thursday, February 25th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of NeoGenomics from a hold rating to a sell rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $48.63.

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NEO stock opened at $43.25 on Wednesday. The company has a current ratio of 6.54, a quick ratio of 6.22 and a debt-to-equity ratio of 0.25. NeoGenomics has a 1 year low of $20.47 and a 1 year high of $61.57. The company has a fifty day simple moving average of $54.60 and a 200 day simple moving average of $46.32. The firm has a market cap of $5.06 billion, a PE ratio of -1,441.19 and a beta of 0.79.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings data on Wednesday, February 24th. The medical research company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.08. The business had revenue of $126.00 million during the quarter, compared to analyst estimates of $123.45 million. NeoGenomics had a negative net margin of 1.16% and a positive return on equity of 0.71%. NeoGenomics’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.06 EPS. As a group, analysts forecast that NeoGenomics will post -0.01 EPS for the current fiscal year.

In related news, insider Lawrence Martin Weiss sold 20,200 shares of the company’s stock in a transaction dated Monday, December 14th. The shares were sold at an average price of $51.06, for a total value of $1,031,412.00. Following the sale, the insider now owns 61,717 shares of the company’s stock, valued at $3,151,270.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Balliet sold 15,000 shares of the company’s stock in a transaction dated Friday, December 11th. The shares were sold at an average price of $49.99, for a total transaction of $749,850.00. Following the completion of the sale, the vice president now directly owns 39,980 shares in the company, valued at approximately $1,998,600.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 210,200 shares of company stock worth $10,390,512. Insiders own 6.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eaton Vance Management increased its stake in NeoGenomics by 17.9% in the fourth quarter. Eaton Vance Management now owns 252,028 shares of the medical research company’s stock valued at $13,569,000 after acquiring an additional 38,327 shares during the period. Norges Bank acquired a new position in NeoGenomics in the fourth quarter valued at about $50,808,000. Capital Asset Advisory Services LLC acquired a new position in NeoGenomics in the fourth quarter valued at about $60,000. Avitas Wealth Management LLC boosted its position in NeoGenomics by 3.3% in the fourth quarter. Avitas Wealth Management LLC now owns 12,575 shares of the medical research company’s stock valued at $677,000 after buying an additional 398 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in NeoGenomics by 101.4% in the fourth quarter. Hsbc Holdings PLC now owns 11,290 shares of the medical research company’s stock valued at $609,000 after buying an additional 5,683 shares in the last quarter. 91.06% of the stock is currently owned by institutional investors and hedge funds.

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.