Principal Financial Group Inc. Lowers Stock Holdings in NeoGenomics, Inc. (NASDAQ:NEO)

Principal Financial Group Inc. cut its stake in shares of NeoGenomics, Inc. (NASDAQ:NEO) by 7.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 725,054 shares of the medical research company’s stock after selling 57,187 shares during the period. Principal Financial Group Inc. owned approximately 0.57% of NeoGenomics worth $11,652,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NEO. Captrust Financial Advisors increased its stake in shares of NeoGenomics by 17.1% during the second quarter. Captrust Financial Advisors now owns 5,780 shares of the medical research company’s stock worth $47,000 after acquiring an additional 844 shares during the period. Tower Research Capital LLC TRC increased its position in NeoGenomics by 165.6% during the 1st quarter. Tower Research Capital LLC TRC now owns 3,312 shares of the medical research company’s stock worth $58,000 after purchasing an additional 2,065 shares during the period. HighMark Wealth Management LLC increased its position in NeoGenomics by 41.7% during the 2nd quarter. HighMark Wealth Management LLC now owns 4,250 shares of the medical research company’s stock worth $68,000 after purchasing an additional 1,250 shares during the period. Pathstone Family Office LLC acquired a new position in NeoGenomics during the 3rd quarter worth approximately $100,000. Finally, Point72 Hong Kong Ltd acquired a new position in NeoGenomics during the 2nd quarter worth approximately $100,000. 91.36% of the stock is owned by institutional investors and hedge funds.

NeoGenomics Price Performance

NEO stock opened at $19.41 on Monday. NeoGenomics, Inc. has a 1 year low of $8.70 and a 1 year high of $20.54. The company has a debt-to-equity ratio of 0.57, a quick ratio of 6.06 and a current ratio of 6.32. The stock’s 50 day moving average price is $13.84 and its 200 day moving average price is $15.41. The firm has a market cap of $2.47 billion, a P/E ratio of -25.21 and a beta of 1.23.

Wall Street Analyst Weigh In

Several research firms have issued reports on NEO. William Blair reiterated an “outperform” rating on shares of NeoGenomics in a research report on Monday, August 28th. Benchmark dropped their target price on NeoGenomics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. StockNews.com assumed coverage on NeoGenomics in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Piper Sandler decreased their price target on NeoGenomics from $23.00 to $18.00 and set an “overweight” rating on the stock in a research note on Monday, October 16th. Finally, Stephens raised NeoGenomics from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $16.00 to $18.00 in a research note on Monday, August 21st. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

NeoGenomics Company Profile

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States, Europe, and Asia. It operates through, Clinical Services and Pharma Services segments. The company offers testing services to hospitals, reference labs, pathologists, oncologists, clinicians, pharmaceutical firms, and researchers.