NeoGenomics (OTC: NGNM), a genetics laboratory based in Fort Meyers, Florida, posted yet another gain today after announcing its financial results for Q2 2012. Compared to yesterday, today’s activity posted a $0.03, or 1.5%, increase. NeoGenomics, the only publicly-traded laboratory testing provider focusing on cancer genetics, has been making gains since Tuesday. Yesterday’s announcement of strong revenue growth kept the stock moving in the upward direction.
Yesterday, the company reported a 49% revenue growth and a net income of $551,000 for Q2 2012. It generated a gross profit growth of 58%, increasing to $7.4 million overall. Total revenue for the first six months of 2012 was just under $31 million, an increase of 60% over the same time period last year.
Just a day earlier, on July 18, 2012, NeoGenomics announced that it had validated 20 molecular assays in 2012, and had plans to validate up to 20 more by the end of the year. NeoGenomics also announced that it was in the process of launching NeoTYPE Cancer Profile Panels, which are designed to detect genetic mutations that cause cancer. The first panels will include the following profiles:
- Breast Tumor Profile
- Colorectal Tumor Profile
- Gastric Tumor Profile
- Lung Tumor Profile
- Solid Tumor (Other) Profile
After dropping to $1.70 on July 16, 2012, NeoGenomics’ stock has rebounded by 17% since then. It rose to $1.78 the next day, then to $1.82. Yesterday, the stock closed at $1.95 and opened at $1.90 this morning. After rising as high as $1.99 today, it closed at $1.98, recording a new 52-week high for the company. Previously, the company’s stock had reached as high as $1.80 in February and March 2012. The stock was as low as $1.01 on October 3, 2011.
NeoGenomics’ volume was also above normal. The daily average is 32,763 shares, but today’s trading saw nearly 221,000 shares exchange hands. However, today’s activity was still below yesterday’s 52-week high of more than 366,000 shares traded. The company came close to volumes of 200,000 shares in February and May 2012.
NeoGenomics has been on a roll lately and has had some encouraging news to announce. Although no penny stock newsletters have promoted the stock, that all could change if the company’s stock continues to climb north as it has the past four days. It will be exciting to see how long NeoGenomics can continue climbing the stock charts. With the surges in volume the past few days, it looks like investors are starting to notice.
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