NeoGenomics (NASDAQ:NEO) Rating Reiterated by Needham & Company LLC

NeoGenomics (NASDAQ:NEO)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They presently have a $19.00 price objective on the medical research company’s stock. Needham & Company LLC’s price target points to a potential upside of 29.78% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of NeoGenomics in a research report on Tuesday. Stephens reaffirmed an “overweight” rating and set a $19.00 price objective on shares of NeoGenomics in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.89.

NeoGenomics Price Performance

Shares of NASDAQ:NEO opened at $14.64 on Wednesday. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of -22.18 and a beta of 1.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.01 and a quick ratio of 1.93. The business’s 50 day simple moving average is $16.06 and its 200-day simple moving average is $14.94. NeoGenomics has a 12 month low of $11.03 and a 12 month high of $21.22.

NeoGenomics (NASDAQ:NEO) last posted its earnings results on Monday, July 29th. The medical research company reported $0.03 earnings per share for the quarter. NeoGenomics had a negative return on equity of 2.72% and a negative net margin of 12.50%. The company had revenue of $164.50 million for the quarter, compared to analyst estimates of $161.82 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. NeoGenomics’s revenue was up 12.0% compared to the same quarter last year. As a group, equities analysts forecast that NeoGenomics will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of NeoGenomics

A number of hedge funds have recently added to or reduced their stakes in NEO. Bellevue Group AG acquired a new stake in NeoGenomics in the 1st quarter worth about $14,872,000. First Light Asset Management LLC lifted its position in NeoGenomics by 29.6% during the fourth quarter. First Light Asset Management LLC now owns 3,926,756 shares of the medical research company’s stock valued at $63,535,000 after buying an additional 897,843 shares in the last quarter. Norges Bank purchased a new stake in NeoGenomics during the fourth quarter worth approximately $14,512,000. Kopp LeRoy C purchased a new position in shares of NeoGenomics in the 1st quarter valued at $14,062,000. Finally, Jennison Associates LLC raised its position in NeoGenomics by 77.8% in the first quarter. Jennison Associates LLC now owns 1,051,627 shares of the medical research company’s stock valued at $16,532,000 after purchasing an additional 460,071 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.