Buyers Swoon Over NeoGenomics Price Target (NGNM)

Every OTC company with its stock mired in a price range from a few dollars to a couple of pennies must dream of picking up the recommendation of a research analyst at an investment firm. For NeoGenomics (OTC: NGNM), the dream came true today when Minneapolis-based Craig Hallum initiated coverage of the Fort Myers, Florida, company with a “buy” rating and a $5.00 price target.

The news sent buyers scurrying for shares like ants at a picnic. The stock gapped up nine cents on the opening bell. The first trade of the morning at $2.30 also marked the low of the day. Buyers hardly took a breather as share prices trended higher throughout the session. As the bell rang to signal the end of trading, shares of NeoGenomics printed at the day’s high when shares exchanged for a price of $2.84. The tally on the day showed the stock advancing 63 cents for a gain of 28% from yesterday’s closing price. Even though volume got off to a sluggish start, the pace of trading picked up in the morning and remained steady all day. A total of 489,000 shares exchanged hands compared to an average daily volume of 91,000.

The closing price today also set a new 52-week high for the stock. The annual low was established more than 10 months ago when shares traded for $0.96. The climb to a 200% gain since last October has been a slow, steady rise until today.

The stock, however, has taken traders on a wild ride over the last seven trading sessions. On August 13, 2012, share prices swung by 49 cents with volume topping 800,000. Two days later saw another 49-cent swing. At least today’s 63-cent move did not cause traders to reach for the airsick bag. Traders will be looking to see if the air is smoother at theses altitudes.

In other related news, the company announced a launch on August 6, 2012, of the first molecular test for clinical use in prognostic profiling for patients with Chronic Lymphocytic Leukemia (CLL).

On July 19, 2o12, the company issued third quarter guidance below expectations. NeoGenomics expected earnings to range from flat to a loss of .02 per share.

Stock promoters remained muted on the news today. Out of a total of 30 promotions on, the last time someone touted NeoGenomics was in December of 2009. The only comment from Twitter came from @DPolitical.

NeoGenomics operates a network of cancer testing laboratories across the United States. The company offers testing services for the analysis of human chromosomes plus abnormalities at the chromosome and gene level. It also analyzes response levels to certain type of cancer therapies. The company was founded in 2001.

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Published by Alan Masterson

Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email ( or his Google+ page (