NeoGenomics (NASDAQ:NEO) Sets New 1-Year High – Here’s Why

NeoGenomics, Inc. (NASDAQ:NEO)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $19.81 and last traded at $19.7750, with a volume of 470027 shares changing hands. The stock had previously closed at $18.94.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings upgraded shares of NeoGenomics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Needham & Company LLC boosted their price target on shares of NeoGenomics from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of NeoGenomics from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. TD Cowen reaffirmed a “buy” rating on shares of NeoGenomics in a report on Wednesday, July 15th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $19.00 price objective on shares of NeoGenomics in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.67.

NeoGenomics Stock Up 0.1%

The company’s 50 day simple moving average is $16.37 and its 200-day simple moving average is $12.08. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.35 and a current ratio of 3.60. The firm has a market capitalization of $2.56 billion, a PE ratio of -49.77 and a beta of 1.75.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings results on Tuesday, July 28th. The medical research company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. NeoGenomics had a negative net margin of 6.77% and a negative return on equity of 1.99%. The firm had revenue of $201.66 million during the quarter, compared to analyst estimates of $196.93 million. During the same period in the previous year, the business earned $0.03 EPS. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, analysts forecast that NeoGenomics, Inc. will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On NeoGenomics

A number of institutional investors have recently added to or reduced their stakes in NEO. First Trust Advisors LP bought a new stake in NeoGenomics during the first quarter worth about $45,725,000. First Light Asset Management LLC boosted its holdings in shares of NeoGenomics by 26.2% in the 2nd quarter. First Light Asset Management LLC now owns 12,279,523 shares of the medical research company’s stock worth $179,158,000 after purchasing an additional 2,549,545 shares in the last quarter. American Capital Management Inc. bought a new position in shares of NeoGenomics during the 2nd quarter valued at about $32,648,000. Granite Investment Partners LLC bought a new position in shares of NeoGenomics during the 1st quarter valued at about $5,583,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of NeoGenomics during the 2nd quarter valued at about $10,744,000. 98.50% of the stock is currently owned by institutional investors.

About NeoGenomics

NeoGenomics, Inc is a provider of cancer-focused diagnostic testing and contract research services. The company operates clinical laboratories that support physicians, hospitals and other healthcare organizations with information used to help diagnose, classify and monitor cancer.

Its testing services include anatomic pathology, immunohistochemistry, flow cytometry, cytogenetics, fluorescence in situ hybridization, molecular testing and next-generation sequencing. NeoGenomics also provides biopharmaceutical companies with clinical trial testing, central laboratory services, biomarker development and other research services intended to support the development of oncology therapies and companion diagnostics.

Founded in 1999, NeoGenomics serves healthcare providers and pharmaceutical and biotechnology customers primarily in the United States, with additional capabilities supporting international clinical research programs.