Analyst Daniel Brennan of TD Cowen maintained a Buy rating on NeoGenomics, with a price target of $10.00.
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Daniel Brennan’s rating is based on a combination of factors that suggest potential for NeoGenomics despite recent challenges. The company has experienced a significant decline in stock value, largely due to leadership changes and a series of missed targets and guidance reductions. However, Brennan views the recent guidance adjustment as a necessary step to establish a more achievable benchmark under the new leadership.
Despite the negative optics, there are positive indicators such as the core clinical revenues exceeding expectations and the potential for future contributions from PanTracer. Additionally, the company’s valuation is currently low, trading just over 1x EV/sales, which presents an attractive entry point for investors. Brennan believes that with improved quarterly performance and communication, along with the potential for positive surprises, NeoGenomics could regain investor confidence and see an upside in its stock value.
According to TipRanks, Brennan is a 4-star analyst with an average return of 10.6% and a 48.14% success rate. Brennan covers the Healthcare sector, focusing on stocks such as Bruker, Thermo Fisher, and GeneDx Holdings.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $8.00 price target.