NeoGenomics price target lowered to $10 from $12 at BofA

BofA analyst Michael Ryskin lowered the firm’s price target on NeoGenomics (NEO) to $10 from $12 and keeps a Neutral rating on the shares. The stock finished the day down 34% in what the firm calls “a major selloff given what appeared to be relatively non-eventful 1Q update,” adding that it thinks the share price action can be attributed to a number of discreet factors, including the Q1 miss, the lower-than-expected Pathline contribution, and the more cautious tone on challenging pharma environment. Taken together, these factors “reinforce a growing view that NEO is no longer a consistent ‘beat-and-raise’ growth business, and its forward guidance doesn’t have as much upside as it may have in the past,” the analyst tells investors.