Why Shares of NeoGenomics Jumped 53.9% This Week
Shares of NeoGenomics (NASDAQ: NEO) jumped 53.9% this week, according to data from S&P Global Market Intelligence. The cancer diagnostic company's stock closed last Friday at $7.31 a share and then opened on Monday at $7.41. It rose throughout the week and hit its weekly high at $11.39 on Friday, though it closed the week a little lower at $11.25. The stock is still down more than 67% so far this year and has a 52-week low of $6 and a 52-week high of $43.29.
The company has a network of laboratories that run genetic cancer screenings for oncologists, hospitals, and pathologists. It is in the midst of a turnaround plan, announced as Project Catalyst this past summer, which involves adopting automation into the company's lab processes. The company also has a new CEO, Chris Smith, who took over this summer.
NeoGenomics reported third-quarter numbers on Tuesday that showed its turnaround seems to be headed in the right direction. The company reported revenue of $129 million, up 6% year over year. The biggest percentage gain was in its pharma services segment, which had $23 million in revenue, up 18% over the third quarter of 2021. Clinical services revenue was $106 million, up 4% year over year.
Source Fool.com
