Michael Schrag
Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On March 28, 2022, NeoGenomics Inc. (NASDAQ: NEO) announced disappointing guidance in its quarterly report, as well as the departure of its CEO Mark Mallon.
Following this news, NeoGenomics dropped more than 20% on March 29, 2022, causing harm to investors.
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Why is NEO Stock Dropping?
On Monday, March 28, 2022, shares of the health-testing company NeoGenomics dropped sharply after announcing in its quarterly report that Mark Mallon will be stepping down after only a year as company CEO, and that the company will miss guidance and rescind its forecast for the entire year. According to Marketwatch, NeoGenomics’ stock has been slipping since a November report announced disappointing guidance. In the past six months, the company has lost more than 60% of its value, dropping from a market capitalization of $6 billion at times, to around $2.2 billion at market close on Monday March 28th.
According to Investor’s Business Daily, Needham analyst Mike Matson stated the possibility that Mallon invested too much in NeoGenomics minim residual disease test, which searches for cancer in a patient’s blood following treatment. These investments would have affected NeoGenomics’ earnings before interest, taxes, depreciation and amortization, or EBITDA.
Following this news, NeoGenomics’ stock price plummeted more than 20% on March 29, 2022, causing significant harm to investors.
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