NeoGenomics Gets Upgrade from BTIG
BTIG has upgraded NeoGenomics to Buy from Neutral with a price target of $25.00, citing strong growth prospects and impressive performance under the new management team. The investment firm said it was impressed by the change in underlying growth at the company since the new management team took over.
NeoGenomics is a leading provider of cancer diagnostic testing and information services. The company’s core lab services business provides cancer testing services to hospitals, pathologists, oncologists, and other healthcare providers. The company’s services include genetic testing, molecular profiling, and other diagnostic tests that help physicians diagnose and treat cancer.
According to BTIG, the company’s organic volume and pricing in the core lab services business grew significantly in Q1. Organic volume was up 7%, while pricing was up 8%. This is an impressive performance considering the challenging market conditions that the company faced during the pandemic.
BTIG expects the company to continue benefiting from its recent launch of RaDaR MRD in the clinic, as well as Neo Comprehensive, in the clinic in Q2. RaDaR MRD is a proprietary liquid biopsy test that detects minimal residual disease (MRD) in patients with solid tumors. This test can help physicians monitor the effectiveness of cancer treatments and identify patients who may benefit from additional treatment.
Neo Comprehensive is a comprehensive genomic profiling test that analyzes DNA and RNA from solid tumors to identify potential therapeutic targets. This test can help physicians select the most appropriate cancer treatments for their patients based on their unique genomic profile.
BTIG believes that these new products will help the company expand its market share and increase revenue. The investment firm also noted that the company’s new management team has been successful in improving operating efficiencies and reducing costs. These initiatives have helped to improve the company’s profitability and cash flow.
In summary, NeoGenomics has received an upgrade from BTIG, citing impressive growth under the new management team. The company’s strong organic volume and pricing growth in Q1, as well as its recent launch of RaDaR MRD and Neo Comprehensive, have positioned the company for continued success in the future. With a price target of $25.00, BTIG is optimistic about the company’s growth prospects and believes that it is a good investment opportunity for investors.
Conclusion
NeoGenomics, a leading provider of cancer diagnostic testing and information services, has received an upgrade from BTIG, citing impressive growth prospects and strong performance under the new management team. The company’s recent launch of RaDaR MRD and Neo Comprehensive, in addition to its strong organic volume and pricing growth in Q1, have positioned it for continued success in the future. With a price target of $25.00, BTIG is optimistic about the company’s growth prospects and believes that it is a good investment opportunity for investors.
