NeoGenomics (NEO) Shares Gap Up on Earnings Beat

NeoGenomics, Inc. (NASDAQ:NEO) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.13, but opened at $16.04. NeoGenomics shares last traded at $17.71, with a volume of 2253858 shares.

The medical research company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. NeoGenomics had a negative return on equity of 0.36% and a negative net margin of 0.98%. The firm had revenue of $69.10 million during the quarter, compared to the consensus estimate of $66.13 million. During the same quarter in the prior year, the firm posted $0.01 EPS. The business’s revenue was up 16.8% on a year-over-year basis.

NEO has been the subject of several recent analyst reports. BidaskClub raised NeoGenomics from a “buy” rating to a “strong-buy” rating in a report on Saturday. First Analysis set a $16.00 price objective on NeoGenomics and gave the company a “buy” rating in a report on Tuesday, September 18th. Zacks Investment Research downgraded NeoGenomics from a “hold” rating to a “sell” rating in a report on Thursday, July 19th. Finally, Leerink Swann initiated coverage on NeoGenomics in a report on Tuesday, August 21st. They issued an “outperform” rating and a $18.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. NeoGenomics currently has an average rating of “Buy” and a consensus target price of $19.25.

In other news, insider Steven C. Jones sold 203,500 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $14.00, for a total value of $2,849,000.00. Following the completion of the sale, the insider now owns 241,815 shares of the company’s stock, valued at approximately $3,385,410. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 12.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC lifted its holdings in NeoGenomics by 18.7% during the 2nd quarter. Jennison Associates LLC now owns 43,736 shares of the medical research company’s stock valued at $573,000 after purchasing an additional 6,888 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in NeoGenomics during the 2nd quarter valued at $528,000. Howland Capital Management LLC lifted its holdings in NeoGenomics by 39.8% during the 3rd quarter. Howland Capital Management LLC now owns 30,449 shares of the medical research company’s stock valued at $467,000 after purchasing an additional 8,667 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in NeoGenomics by 3.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 305,995 shares of the medical research company’s stock valued at $2,497,000 after purchasing an additional 8,949 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in NeoGenomics by 18.4% during the 2nd quarter. Sei Investments Co. now owns 58,141 shares of the medical research company’s stock valued at $762,000 after purchasing an additional 9,026 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

The firm has a market cap of $1.30 billion, a PE ratio of 295.17 and a beta of 0.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.74 and a quick ratio of 1.59.

NeoGenomics Company Profile (NASDAQ:NEO)

NeoGenomics, Inc, together with its subsidiaries, operates a network of cancer-focused genetic testing laboratories in the United States. It operates through Clinical Services and Pharma Services segments. The company laboratories provide genetic and molecular testing services to hospitals, pathologists, oncologists, urologists, other clinicians and researchers, pharmaceutical firms, and other clinical laboratories.

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