NeoGenomics (NASDAQ:NEO) Hits New 1-Year Low on Disappointing Earnings

NeoGenomics, Inc. (NASDAQ:NEO) shares hit a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.00 and last traded at $5.41, with a volume of 1442341 shares changing hands. The stock had previously closed at $6.46.

The medical research company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). NeoGenomics had a negative net margin of 11.54% and a negative return on equity of 2.21%. The business had revenue of $168.04 million for the quarter, compared to analysts’ expectations of $171.38 million. During the same quarter in the prior year, the business posted ($0.02) earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis.

Analysts Set New Price Targets

A number of brokerages have weighed in on NEO. Leerink Partners lowered NeoGenomics from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $25.00 to $9.00 in a research report on Wednesday, April 30th. William Blair reissued a “market perform” rating on shares of NeoGenomics in a report on Tuesday. Piper Sandler set a $12.00 price objective on shares of NeoGenomics and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Wall Street Zen upgraded shares of NeoGenomics from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Finally, Morgan Stanley decreased their target price on shares of NeoGenomics from $17.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, NeoGenomics presently has a consensus rating of “Hold” and a consensus price target of $13.83.

Insider Buying and Selling at NeoGenomics

In related news, Director Lynn A. Tetrault purchased 7,000 shares of NeoGenomics stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $8.14 per share, for a total transaction of $56,980.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at $56,980. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael Aaron Kelly acquired 5,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were bought at an average cost of $7.60 per share, for a total transaction of $38,000.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at approximately $38,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 70,600 shares of company stock valued at $550,438 in the last ninety days. 2.40% of the stock is currently owned by company insiders.

Institutional Trading of NeoGenomics

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its position in NeoGenomics by 6.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,339 shares of the medical research company’s stock valued at $220,000 after purchasing an additional 863 shares during the last quarter. CWM LLC grew its position in NeoGenomics by 42.6% in the first quarter. CWM LLC now owns 6,299 shares of the medical research company’s stock worth $60,000 after acquiring an additional 1,883 shares in the last quarter. NewEdge Advisors LLC increased its stake in NeoGenomics by 15.9% during the fourth quarter. NewEdge Advisors LLC now owns 18,622 shares of the medical research company’s stock worth $307,000 after acquiring an additional 2,558 shares during the last quarter. MetLife Investment Management LLC raised its position in NeoGenomics by 3.5% during the fourth quarter. MetLife Investment Management LLC now owns 77,403 shares of the medical research company’s stock valued at $1,276,000 after purchasing an additional 2,596 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of NeoGenomics by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 72,544 shares of the medical research company’s stock valued at $1,196,000 after purchasing an additional 2,724 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

NeoGenomics Price Performance

The firm has a market capitalization of $675.68 million, a P/E ratio of -8.61 and a beta of 1.63. The company has a current ratio of 2.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average price of $7.13 and a 200-day moving average price of $9.45.

About NeoGenomics

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.