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NeoGenomics Gets a New Boss; Investors Welcome the Move

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Shares of Florida-based NeoGenomics soared over 10% after it named Chris Smith its new CEO.

Shares of oncology testing and information provider NeoGenomics, Inc. (NASDAQ: NEO) rose nearly 10.5% to close at $9.30 on Thursday after the company named Chris Smith as its CEO and Board member, effective August 15.

Meanwhile, Lynn Tetrault, the Interim CEO and Chairperson of the Board, will go back to being an independent Chair of the Board.

Smith will join NeoGenomics from New Jersey-based Ortho Clinical Diagnostics, where he was the CEO until May. Smith will operate from Fort Myers in Florida, which serves as NeoGenomics’ global headquarters.

Commenting on the appointment, Tetrault said, “Chris is a remarkable leader with strong cultural values, diagnostic industry experience, and an extensive history of operating success.”

Before joining Ortho Clinical Diagnostics, Smith has also worked at Cochlear Ltd. (CHEOF), Warburg Pincus (NYSE: WPCB), Gyrus Group, Cardinal Health (NYSE: CAH), and Abbott (NYSE: ABT).

NEO Stock Has over 77% Upside Potential

On TipRanks, the stock has a Strong Buy consensus rating based on five Buys and one Hold. NEO’s average price target of $16.50 reflects upside potential of 77.4% from the current level.

According to TipRanks’ Smart Score rating system, NeoGenomics scores a “Perfect 10,” suggesting that the stock has strong potential to outperform the market.

What’s Next for NeoGenomics?

The company is scheduled to release its second-quarter results on August 9. The Street expects NeoGenomics to record a loss of $0.23 per share, wider than the year-ago loss of one cent. In the last four quarters, the company has posted smaller-than-anticipated losses. If the company manages to ditch the consensus loss estimate in the second quarter as well, NEO stock, which has lost almost 80% over the past year, will likely get a much-needed boost.

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