BTIG Reiterates Buy Rating on Neogenomics (NEO)

BTIG analyst Mark Massaro reiterated a Buy rating and $21.00 price target on Neogenomics (NASDAQ: NEO).

The analyst commented: "NEO delivered a solid Q3 as its core clinical services business grew +14% Y/Y, driven by +9% and +5% increases in volume and price, respectively. NEO reiterated its 2024 revenue guide calling for +11-13% Y/Y revenue growth and raised its 2024 Adj. EBITDA guide. NEO indicated that NGS continues to represent a key growth lever (particularly on product mix and ASPs) and has now expanded to 31% of NEO's clinical revenue. NEO expects to launch its new NEO Pan Tracer liquid biopsy (therapy selection) blood test panel in 1H'25 which we think can be additive to growth. On the MRD front, RaDaR 2.0 is expected to obtain CLIA validation in 1H'25, though we are not expecting NEO to bake in MRD revenue into its 2025 guide which we expect to take place around February. We think NEO is well-positioned to drive profitable growth over the coming years - we reiterate our Buy rating and $21 PT."

For an analyst ratings summary and ratings history on Neogenomics click here. For more ratings news on Neogenomics click here.

Shares of Neogenomics closed at $14.93 yesterday.

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