NeoGenomics (NEO) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of NeoGenomics (NASDAQ:NEO) from a hold rating to a buy rating in a report published on Tuesday. They currently have $14.00 price objective on the medical research company’s stock.
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. “
NEO has been the subject of several other reports. BidaskClub downgraded NeoGenomics from a strong-buy rating to a buy rating in a research note on Saturday, November 17th. Benchmark set a $22.00 price objective on NeoGenomics and gave the company a buy rating in a report on Thursday, November 1st. Raymond James reaffirmed a buy rating and issued a $24.00 price objective on shares of NeoGenomics in a report on Tuesday, December 4th. Needham & Company LLC began coverage on NeoGenomics in a report on Thursday, January 3rd. They issued a buy rating and a $14.00 price objective for the company. Finally, Scotiabank reaffirmed an average rating and issued a $24.00 price objective on shares of NeoGenomics in a report on Friday, November 16th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $19.33.
NeoGenomics (NASDAQ:NEO) last released its quarterly earnings results on Tuesday, October 30th. The medical research company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.03. The business had revenue of $69.10 million during the quarter, compared to the consensus estimate of $66.13 million. NeoGenomics had a return on equity of 2.63% and a net margin of 1.70%. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 EPS. Equities analysts anticipate that NeoGenomics will post 0.11 earnings per share for the current fiscal year.
In other news, Director Kevin C. Johnson bought 26,000 shares of the stock in a transaction on Friday, December 21st. The stock was acquired at an average price of $11.60 per share, with a total value of $301,600.00. Following the acquisition, the director now directly owns 103,866 shares in the company, valued at $1,204,845.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Electric Co General sold 10,835,145 shares of the company’s stock in a transaction dated Friday, December 14th. The stock was sold at an average price of $12.00, for a total value of $130,021,740.00. The disclosure for this sale can be found here. Insiders have sold a total of 15,829,788 shares of company stock valued at $213,793,738 in the last three months. 12.20% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of NEO. Eagle Asset Management Inc. acquired a new position in NeoGenomics in the 3rd quarter worth about $33,116,000. Carillon Tower Advisers Inc. bought a new stake in shares of NeoGenomics in the 3rd quarter valued at about $30,740,000. Brown Advisory Inc. bought a new stake in shares of NeoGenomics in the 3rd quarter valued at about $22,552,000. Emerald Mutual Fund Advisers Trust grew its position in shares of NeoGenomics by 250.8% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 1,556,745 shares of the medical research company’s stock valued at $23,896,000 after buying an additional 1,112,939 shares during the last quarter. Finally, BlackRock Inc. grew its position in shares of NeoGenomics by 22.4% in the 3rd quarter. BlackRock Inc. now owns 5,079,026 shares of the medical research company’s stock valued at $77,960,000 after buying an additional 929,697 shares during the last quarter. 83.22% of the stock is owned by institutional investors and hedge funds.
NeoGenomics Company Profile
NeoGenomics, Inc, together with its subsidiaries, operates a network of cancer-focused genetic testing laboratories in the United States. It operates through Clinical Services and Pharma Services segments. The company laboratories provide genetic and molecular testing services to hospitals, pathologists, oncologists, urologists, other clinicians and researchers, pharmaceutical firms, and other clinical laboratories.
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