NeoGenomics price target lowered to $18 from $21 at BTIG

BTIG analyst Mark Massaro lowered the firm’s price target on NeoGenomics (NEO) to $18 from $21 and keeps a Buy rating on the shares. The stock fell 20% following the “surprise announcement” that Chris Smith, who has executed a successful operational turnaround in the company, is stepping down from his role as CEO, effective April 1, and leaving the company and the board, the analyst tells investors in a research note. BTIG thinks the news is a “head scratcher” and believes “there are reasons for investors to have concerns and questions.” It met with management and did not get the rationale for the CEO change.