NeoGenomics Inc. (NASDAQ:NEO) shares climbed 7.43% after the company reported quarterly results and received multiple analyst upgrades, including a rating boost from Leerink Partners.
Leerink upgraded the stock to Outperform from Market Perform and raised its price target to $25 from $12.
“We are upgrading NEO to Outperform from Market Perform. The company delivers on its one-stop shop business model in oncology diagnostics and is getting back on track, in our view – with strong momentum, profitability, and attractive valuation that cannot be ignored. We are raising our price target to $25 at 3.4x EV/Sales (vs. $12, 1.5x before).”
NeoGenomics reported first-quarter 2026 revenue of $187 million, up 11% year over year and above analyst expectations of $184.53 million. Adjusted EBITDA increased 27% to $9 million.
Earnings per share came in at $0.01, in line with forecasts. Growth was driven by strong demand for next-generation sequencing and clinical testing services.
Analysts at Benchmark Company also upgraded the stock to Buy, describing the first-quarter performance as solid.