Fred Alger Management LLC Sells 52,015 Shares of NeoGenomics, Inc. (NASDAQ:NEO)

Fred Alger Management LLC lowered its stake in shares of NeoGenomics, Inc. (NASDAQ:NEO) by 2.8% in the third quarter, Holdings Channel reports. The firm owned 1,782,897 shares of the medical research company’s stock after selling 52,015 shares during the period. Fred Alger Management LLC’s holdings in NeoGenomics were worth $26,298,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEO. Blue Trust Inc. increased its stake in shares of NeoGenomics by 107.2% in the second quarter. Blue Trust Inc. now owns 2,331 shares of the medical research company’s stock worth $32,000 after purchasing an additional 1,206 shares during the period. Canada Pension Plan Investment Board acquired a new stake in NeoGenomics in the 2nd quarter valued at approximately $57,000. KBC Group NV grew its holdings in NeoGenomics by 33.1% in the 3rd quarter. KBC Group NV now owns 4,530 shares of the medical research company’s stock valued at $67,000 after buying an additional 1,127 shares during the last quarter. FMR LLC increased its position in NeoGenomics by 7.6% in the 3rd quarter. FMR LLC now owns 13,255 shares of the medical research company’s stock worth $196,000 after buying an additional 931 shares during the period. Finally, Verition Fund Management LLC acquired a new position in shares of NeoGenomics during the third quarter worth approximately $229,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insiders Place Their Bets

In other NeoGenomics news, General Counsel Alicia C. Olivo sold 5,175 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $15.36, for a total value of $79,488.00. Following the transaction, the general counsel now directly owns 37,129 shares in the company, valued at $570,301.44. The trade was a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

NeoGenomics Stock Performance

NASDAQ NEO opened at $17.73 on Friday. NeoGenomics, Inc. has a twelve month low of $12.77 and a twelve month high of $21.22. The company has a quick ratio of 1.91, a current ratio of 1.99 and a debt-to-equity ratio of 0.37. The stock has a market cap of $2.28 billion, a P/E ratio of -29.07 and a beta of 1.19. The company’s 50-day simple moving average is $14.75 and its 200 day simple moving average is $14.91.

NeoGenomics (NASDAQ:NEO) last released its quarterly earnings data on Tuesday, November 5th. The medical research company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04. The company had revenue of $167.80 million for the quarter, compared to analyst estimates of $167.00 million. NeoGenomics had a negative return on equity of 2.11% and a negative net margin of 12.07%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) EPS. As a group, research analysts forecast that NeoGenomics, Inc. will post -0.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on NEO. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of NeoGenomics in a research report on Wednesday, November 6th. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of NeoGenomics in a research report on Tuesday, September 24th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $20.25.

NeoGenomics 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.