Perkins Capital Management Inc Lowers stake in NeoGenomics (NEO)

NeoGenomics (NEO) : Perkins Capital Management Inc reduced its stake in NeoGenomics by 0.99% during the most recent quarter end. The investment management company now holds a total of 697,482 shares of NeoGenomics which is valued at $4,993,971 after selling 6,950 shares in NeoGenomics , the firm said in a disclosure report filed with the SEC on Apr 18, 2016.NeoGenomics makes up approximately 5.95% of Perkins Capital Management Inc’s portfolio.

NeoGenomics opened for trading at $7.03 and hit $7.2 on the upside on Friday, eventually ending the session at $7.16, with a gain of 1.99% or 0.14 points. The heightened volatility saw the trading volume jump to 2,01,820 shares. Company has a market cap of $543 M.

Other Hedge Funds, Including , Falcon Point Capital boosted its stake in NEO in the latest quarter, The investment management firm added 20,806 additional shares and now holds a total of 186,322 shares of NeoGenomics which is valued at $1,306,117. NeoGenomics makes up approx 0.23% of Falcon Point Capital’s portfolio. First United Bank Trust added NEO to its portfolio by purchasing 55,000 company shares during the most recent quarter which is valued at $385,550. NeoGenomics makes up approx 0.35% of First United Bank Trust’s portfolio.

On the company’s financial health, NeoGenomics reported $-0.03 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Mar 1, 2016. Analyst had a consensus of $0.01. The company had revenue of $27.28 million for the quarter, compared to analysts expectations of $27.19 million. The company’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 EPS.

Many Wall Street Analysts have commented on NeoGenomics. The Benchmark Company Initiated NeoGenomics on Mar 11, 2016 to “Buy”, Price Target of the shares are set at $8.

NeoGenomics Inc. is an operator of a network of cancer-focused genetic testing laboratories. The Company offers testing services which includes Cytogenetics testing which is the study of normal and abnormal chromosomes and their relationship to disease; fluorescence in-situ hybridization (FISH) testing which is a branch of cancer genetics that focuses on detecting and locating the presence or absence of specific deoxyribonucleic acid (DNA) sequences and genes on chromosomes; flow cytometry testing which is a way to measure the characteristics of cell populations; immunohistochemistry (IHC) testing which is a process of identifying cell proteins in a tissue section utilizing the principle of antibodies binding specifically to in biological tissues. and molecular testing which is a cancer diagnostic tool focusing on the analysis of DNA and ribonucleic acid (RNA) as well as the structure and function of genes at a molecular level.

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