NeoGenomics experienced a significant downgrade from Benchmark, which shifted its rating from "buy" to "hold," citing the stock as fairly valued at its current levels. This downgrade comes despite the company's recent positive financial performance, including a 10% increase in consolidated revenue and a 305% improvement in adjusted EBITDA for the third quarter of 2024. The downgrade by Benchmark suggests that the stock's recent price levels may have already factored in these positive developments, leading to a reassessment of its growth potential.
The downgrade by Benchmark is a notable event, as it contrasts with other analysts' views. While Benchmark has taken a more cautious stance, other firms like Bank of America and Needham & Company LLC have maintained more optimistic outlooks, with price targets ranging from $18 to $22. Despite these differing opinions, the consensus rating for NeoGenomics remains a "Moderate Buy," with a consensus price target of $20.30.
NeoGenomics shares have dropped 17.2% to $12.23 as of 1:51 pm on January 13th, down from the previous close of $14.77.