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

NeoGenomics (NASDAQ:NEO)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $19.00 target price on the medical research company’s stock. Needham & Company LLC’s target price points to a potential upside of 28.64% from the stock’s previous close.

Several other brokerages have also weighed in on NEO. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of NeoGenomics in a research report on Tuesday, September 24th. Jefferies Financial Group started coverage on shares of NeoGenomics in a research report on Tuesday, December 10th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, Bank of America raised their price objective on shares of NeoGenomics from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

NeoGenomics Price Performance

NASDAQ NEO opened at $14.77 on Friday. The company has a 50 day simple moving average of $16.82 and a 200-day simple moving average of $15.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.99 and a quick ratio of 1.91. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -24.21 and a beta of 1.24. NeoGenomics has a 52-week low of $12.77 and a 52-week high of $19.11.

NeoGenomics (NASDAQ:NEO) last issued its quarterly earnings data on Tuesday, November 5th. The medical research company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04. The firm had revenue of $167.80 million for the quarter, compared to analyst estimates of $167.00 million. NeoGenomics had a negative net margin of 12.07% and a negative return on equity of 2.11%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share. Equities research analysts predict that NeoGenomics will post -0.16 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Alicia C. Olivo sold 5,175 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $15.36, for a total value of $79,488.00. Following the sale, the general counsel now owns 37,129 shares in the company, valued at approximately $570,301.44. This trade represents a 12.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On NeoGenomics

Several hedge funds and other institutional investors have recently modified their holdings of NEO. Versant Capital Management Inc grew its stake in shares of NeoGenomics by 174.9% in the fourth quarter. Versant Capital Management Inc now owns 1,795 shares of the medical research company’s stock worth $30,000 after acquiring an additional 1,142 shares during the last quarter. Quarry LP acquired a new stake in NeoGenomics during the third quarter worth $40,000. Blue Trust Inc. boosted its stake in NeoGenomics by 42.3% during the third quarter. Blue Trust Inc. now owns 3,318 shares of the medical research company’s stock worth $46,000 after buying an additional 987 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in NeoGenomics during the second quarter worth $57,000. Finally, KBC Group NV boosted its stake in NeoGenomics by 33.1% during the third quarter. KBC Group NV now owns 4,530 shares of the medical research company’s stock worth $67,000 after buying an additional 1,127 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

NeoGenomics Company Profile

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. It operates through Clinical Services and Advanced Diagnostics segments. The company offers testing services to hospitals, academic centers, pathologists, oncologists, clinicians, pharmaceutical companies, and clinical laboratories.