NeoGenomics (NASDAQ:NEO) Announces Quarterly Earnings Results

NeoGenomics (NASDAQ:NEO) announced its quarterly earnings results on Monday. The medical research company reported $0.03 earnings per share for the quarter, Briefing.com reports. NeoGenomics had a negative net margin of 12.50% and a negative return on equity of 2.71%. The business had revenue of $164.50 million during the quarter, compared to analysts’ expectations of $161.82 million. During the same period last year, the business earned ($0.09) earnings per share. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. NeoGenomics updated its FY 2024 guidance to 0.020-0.070 EPS.

NeoGenomics Stock Up 5.0 %

Shares of NEO stock traded up $0.86 during trading hours on Wednesday, reaching $18.13. 499,079 shares of the stock were exchanged, compared to its average volume of 855,020. The business’s fifty day moving average is $13.97 and its two-hundred day moving average is $14.69. The firm has a market capitalization of $2.32 billion, a P/E ratio of -27.36 and a beta of 1.19. NeoGenomics has a 12-month low of $11.03 and a 12-month high of $21.22. The company has a debt-to-equity ratio of 0.58, a current ratio of 7.48 and a quick ratio of 7.22.

Analysts Set New Price Targets

A number of analysts have issued reports on NEO shares. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of NeoGenomics in a research report on Tuesday. BTIG Research cut their price objective on NeoGenomics from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Stephens reissued an “overweight” rating and set a $19.00 target price on shares of NeoGenomics in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 target price on shares of NeoGenomics in a research report on Tuesday. Finally, Craig Hallum initiated coverage on shares of NeoGenomics in a research note on Wednesday, May 1st. They set a “buy” rating and a $26.00 price target on the stock. 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 has a consensus rating of “Moderate Buy” and an average price target of $19.89.

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.