NeoGenomics price target lowered to $18 from $23 at Piper Sandler

Piper Sandler lowered the firm’s price target on NeoGenomics to $18 from $23 and keeps an Overweight rating on the shares. The firm is updating its 2024 and 2025 revenues for all of its life science tools and labs coverage to account for lower expected spending on capital equipment and pharma services due to economic factors, including access to capital by companies and their customers and lower appetite for spending from pharma. Piper is also lowering its 2023 revenues for Fx.