NeoGenomics (NASDAQ:NEO) Shares Gap Down After Earnings Miss

Shares of NeoGenomics, Inc. (NASDAQ:NEO) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $9.97, but opened at $9.64. NeoGenomics shares last traded at $7.59, with a volume of 85,531 shares traded.

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 return on equity of 2.10% and a negative net margin of 11.92%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.02) EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NEO. The Goldman Sachs Group reduced their price target on shares of NeoGenomics from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Needham & Company LLC lowered their price objective on shares of NeoGenomics from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. 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. Piper Sandler dropped their price objective on shares of NeoGenomics from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Finally, Benchmark lowered NeoGenomics from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $19.30.

Institutional Trading of NeoGenomics

Several hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB grew its position in NeoGenomics by 2.8% in the 4th quarter. Nordea Investment Management AB now owns 77,534 shares of the medical research company’s stock valued at $1,301,000 after acquiring an additional 2,125 shares during the last quarter. Swiss National Bank grew its holdings in shares of NeoGenomics by 1.0% in the fourth quarter. Swiss National Bank now owns 252,100 shares of the medical research company’s stock worth $4,155,000 after purchasing an additional 2,600 shares during the last quarter. Jennison Associates LLC lifted its holdings in NeoGenomics by 18.7% during the 4th quarter. Jennison Associates LLC now owns 1,514,756 shares of the medical research company’s stock valued at $24,963,000 after buying an additional 238,288 shares in the last quarter. Rhumbline Advisers grew its stake in NeoGenomics by 2.4% in the 4th quarter. Rhumbline Advisers now owns 389,003 shares of the medical research company’s stock worth $6,411,000 after acquiring an additional 9,098 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of NeoGenomics by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,161,352 shares of the medical research company’s stock valued at $19,139,000 after acquiring an additional 26,701 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

NeoGenomics Stock Down 21.4 %

The stock has a market cap of $1.01 billion, a PE ratio of -12.64 and a beta of 1.41. The business has a fifty day moving average of $9.74 and a 200-day moving average of $13.45. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.98 and a quick ratio of 1.91.

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.