Needham & Company LLC Has Lowered Expectations for NeoGenomics (NASDAQ:NEO) Stock Price

NeoGenomics (NASDAQ:NEO) had its price objective cut by analysts at Needham & Company LLC from $18.00 to $8.50 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. Needham & Company LLC’s price target points to a potential upside of 33.02% from the stock’s previous close.

Several other brokerages also recently commented on NEO. The Goldman Sachs Group lowered their price objective on NeoGenomics from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Benchmark cut NeoGenomics from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Piper Sandler reduced their target price on shares of NeoGenomics from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Bank of America dropped their price target on shares of NeoGenomics from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.05.

NeoGenomics Trading Down 2.9 %

NASDAQ NEO opened at $6.39 on Tuesday. NeoGenomics has a 52 week low of $6.08 and a 52 week high of $19.12. The business has a 50 day moving average price of $9.54 and a 200-day moving average price of $13.36. The company has a quick ratio of 1.91, a current ratio of 1.98 and a debt-to-equity ratio of 0.38. The company has a market cap of $822.12 million, a price-to-earnings ratio of -10.31 and a beta of 1.41.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The business had revenue of $168.04 million for the quarter, compared to analyst estimates of $171.38 million. NeoGenomics had a negative return on equity of 2.10% and a negative net margin of 11.92%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.02) EPS. As a group, equities analysts expect that NeoGenomics will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NeoGenomics

A number of institutional investors have recently made changes to their positions in NEO. SBI Securities Co. Ltd. bought a new stake in shares of NeoGenomics in the 4th quarter valued at about $26,000. Versant Capital Management Inc lifted its position in NeoGenomics by 174.9% in the fourth quarter. Versant Capital Management Inc now owns 1,795 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 1,142 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of NeoGenomics by 788.7% during the fourth quarter. Sterling Capital Management LLC now owns 3,706 shares of the medical research company’s stock valued at $61,000 after purchasing an additional 3,289 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of NeoGenomics by 203.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,156 shares of the medical research company’s stock valued at $70,000 after purchasing an additional 2,787 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of NeoGenomics by 33.2% in the fourth quarter. Blue Trust Inc. now owns 4,421 shares of the medical research company’s stock worth $73,000 after purchasing an additional 1,103 shares during the last quarter. Hedge funds and other institutional investors 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.