NeoGenomics (NASDAQ:NEO) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of NeoGenomics (NASDAQ:NEO) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company’s testing services include cytogenetics, fluorescence in-situ hybridization, flow cytometry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Fort Myers and services the needs of pathologists, oncologists, urologists, hospitals and other reference laboratories throughout the United States. “

Other equities analysts also recently issued research reports about the company. Morgan Stanley downgraded NeoGenomics from an overweight rating to an equal weight rating and lowered their price target for the stock from $58.00 to $45.00 in a research report on Friday, November 5th. Needham & Company LLC lowered their price target on NeoGenomics from $48.00 to $41.00 and set a buy rating on the stock in a research report on Tuesday, December 7th. Stephens lowered their price target on NeoGenomics from $60.00 to $53.00 and set an overweight rating on the stock in a research report on Friday, November 5th. SVB Leerink reduced their price objective on NeoGenomics from $63.00 to $60.00 and set an outperform rating for the company in a report on Friday, November 5th. Finally, Cowen initiated coverage on NeoGenomics in a report on Thursday, December 16th. They set an outperform rating and a $42.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, NeoGenomics presently has an average rating of Buy and an average price target of $51.40.

NEO opened at $24.94 on Wednesday. The business’s 50-day moving average price is $34.38 and its two-hundred day moving average price is $41.77. NeoGenomics has a 1 year low of $24.03 and a 1 year high of $61.57. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 69.28 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.66 and a quick ratio of 7.42.

NeoGenomics (NASDAQ:NEO) last released its earnings results on Thursday, November 4th. The medical research company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $121.30 million for the quarter, compared to the consensus estimate of $125.09 million. NeoGenomics had a negative return on equity of 1.33% and a net margin of 10.08%. NeoGenomics’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 earnings per share. Sell-side analysts anticipate that NeoGenomics will post -0.41 earnings per share for the current fiscal year.

In related news, CEO Mark Mallon purchased 17,000 shares of the stock in a transaction dated Monday, December 6th. The stock was bought at an average cost of $30.63 per share, for a total transaction of $520,710.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kathryn B. Mckenzie sold 1,846 shares of the stock in a transaction on Tuesday, December 21st. The shares were sold at an average price of $35.00, for a total value of $64,610.00. The disclosure for this sale can be found here. Insiders have sold 68,513 shares of company stock valued at $2,532,622 over the last 90 days. Corporate insiders own 4.70% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Harbor Investment Advisory LLC acquired a new stake in NeoGenomics during the 3rd quarter worth about $55,000. Destiny Wealth Partners LLC bought a new position in shares of NeoGenomics during the 3rd quarter worth about $65,000. Archer Investment Corp lifted its position in NeoGenomics by 37.1% in the 3rd quarter. Archer Investment Corp now owns 1,350 shares of the medical research company’s stock valued at $65,000 after acquiring an additional 365 shares in the last quarter. James Investment Research Inc. lifted its position in NeoGenomics by 47.5% in the 3rd quarter. James Investment Research Inc. now owns 1,550 shares of the medical research company’s stock valued at $75,000 after acquiring an additional 499 shares in the last quarter. Finally, Blume Capital Management Inc. bought a new position in NeoGenomics in the 2nd quarter valued at about $92,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About NeoGenomics

NeoGenomics, Inc is a clinical laboratory company, which engages in cancer genetics diagnostic testing and pharma services. It operates through the Clinical Services and Pharma Services segments. The Clinical Services segment offers cancer testing services to community-based pathologists, hospitals, academic centers, and oncology groups.

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