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Is NeoGenomics (NEO) A Smart Long-Term Buy?

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  • NEO

Artisan Partners, a high value-added investment management firm, published its ‘Artisan Mid Cap Fund’ third quarter 2021 investor letter – a copy of which can be downloaded here. A return of 3.06% was recorded by its Investor Class: ARTMX, 3.11% by its Advisor Class: APDMX, and 3.12% by its Institutional Class: APHMX, in the third quarter of 2021, all outpacing the Russell Midcap® Growth Index that delivered a -0.76% return, and the Russell Midcap® Index that was down by -0.93% for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Artisan Mid-Cap Fund, in its Q3 2021 investor letter, mentioned NeoGenomics, Inc. (NASDAQ: NEO) and discussed its stance on the firm. NeoGenomics, Inc. is a Fort Myers, Florida-based testing laboratories company with a $4.9 billion market capitalization. NEO delivered a -25.65% return since the beginning of the year, while its 12-month returns are down by -10.59%. The stock closed at $40.03 per share on November 19, 2021.

Here is what Artisan Mid-Cap Fund has to say about NeoGenomics, Inc. in its Q3 2021 investor letter:

"We started new investment campaigns in NeoGenomics. NeoGenomics is the largest oncology lab in the US with significant scale and broad distribution to pathologists and hospitals across the country, enabling the company to take share from other labs. The company’s growth has been driven by adding new high-value oncology tests to its diversified portfolio, attracting new physician customers and providing clinical trial services to pharmaceutical companies. More recently, NeoGenomics acquired its remaining stake in Inivata, which is a leader in liquid biopsy testing—conducted primarily on blood samples—for cancer recurrence in asymptomatic patients who have finished initial treatment. We believe Inivata’s longer term profit cycle opportunity is considerable with a $15 billion addressable market. The stock came under pressure in Q3 amid concerns the delta variant could impact cancer testing volumes. We acknowledge the headwind but view it as short term. Knowing NeoGenomics well from our long-time investment in our small-cap strategy, we took advantage of the selloff to initiate a GardenSM position."

Countries With Highest Medical Research Spending
Countries With Highest Medical Research Spending

Pixabay/Public Domain

Based on our calculations, NeoGenomics, Inc. (NASDAQ: NEO) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. NEO was in 13 hedge fund portfolios at the end of the first half of 2021, compared to 15 funds in the previous quarter. NeoGenomics, Inc. (NASDAQ: NEO) delivered a -8.79% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.