NeoGenomics (NASDAQ:NEO) Sees Unusually-High Trading Volume – Here’s What Happened

NeoGenomics, Inc. (NASDAQ:NEO) saw unusually-high trading volume on Wednesday . Approximately 3,425,861 shares traded hands during mid-day trading, an increase of 76% from the previous session’s volume of 1,947,726 shares.The stock last traded at $10.4480 and had previously closed at $10.49.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Zacks Research cut NeoGenomics from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. William Blair reissued a “market perform” rating on shares of NeoGenomics in a research report on Monday, March 16th. Benchmark upgraded NeoGenomics from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Wednesday, April 29th. Piper Sandler raised their price objective on NeoGenomics from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Tuesday, February 24th. Finally, TD Cowen lifted their target price on NeoGenomics from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NeoGenomics currently has a consensus rating of “Hold” and a consensus target price of $13.86.

NeoGenomics Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 4.06 and a current ratio of 4.42. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -14.45 and a beta of 1.82. The stock’s 50 day simple moving average is $9.30 and its 200-day simple moving average is $10.27.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings results on Tuesday, April 28th. The medical research company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. The company had revenue of $186.67 million during the quarter, compared to analysts’ expectations of $184.54 million. NeoGenomics had a negative return on equity of 2.80% and a negative net margin of 13.30%.The business’s quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts anticipate that NeoGenomics, Inc. will post -0.15 EPS for the current fiscal year.

Insider Transactions at NeoGenomics

In other news, Director Lynn A. Tetrault sold 5,307 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $11.29, for a total transaction of $59,916.03. Following the transaction, the director owned 91,422 shares in the company, valued at $1,032,154.38. This trade represents a 5.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of NeoGenomics

Large investors have recently made changes to their positions in the company. First Horizon Corp grew its position in shares of NeoGenomics by 52.6% in the fourth quarter. First Horizon Corp now owns 2,509 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 865 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in NeoGenomics by 110.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,968 shares of the medical research company’s stock worth $35,000 after buying an additional 1,556 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in NeoGenomics during the fourth quarter worth $39,000. Aster Capital Management DIFC Ltd boosted its stake in NeoGenomics by 42.5% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,341 shares of the medical research company’s stock worth $26,000 after buying an additional 997 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in NeoGenomics by 77.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,466 shares of the medical research company’s stock valued at $42,000 after buying an additional 1,515 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About NeoGenomics

NeoGenomics, traded on the Nasdaq under the symbol NEO, is a leading provider of cancer-focused genetic and molecular testing services. Headquartered in Fort Myers, Florida, the company operates an integrated network of CAP-accredited and CLIA-certified laboratories across the United States, Europe and Asia. NeoGenomics delivers diagnostic insights that support oncologists, pathologists and healthcare institutions in the detection, prognosis and treatment of hematologic and solid tumor cancers.

The company’s core service offerings include flow cytometry, immunohistochemistry, fluorescence in situ hybridization (FISH), karyotyping and advanced molecular assays such as next-generation sequencing (NGS) panels and polymerase chain reaction (PCR) tests.