NeoGenomics Inc

Several biotech stocks posted sharp gains on Wednesday, led by SciSparc after its subsidiary completed internal validation of a quantum sampling platform for clinical trial data. SciSparc closed at $9.09, up 70.54%, following the announcement that NeuroThera Labs successfully validated the platform being advanced by CliniQuantum, in which NeuroThera holds a 54.01% ownership interest. Avantor rose 15.78% to $14.38 after reporting second-quarter net sales of $1.69 billion and raising its full-year adjusted EPS guidance to $0.80 to $0.83 from $0.77 to $0.83. NeoGenomics gained 13.96% to $15.27 after second-quarter consolidated revenue increased 11% to $202 million and the company lifted its full-year revenue outlook to $802 million to $806 million from $797 million to $803 million. Alvotech climbed 13.87% to $3.53 after the FDA classified the inspection of its Reykjavik manufacturing facility as Voluntary Action Indicated, a step forward for its biosimilar applications. Sanara MedTech surged 13.55% to $30.25 after agreeing to be acquired by MiMedx Group in a cash-and-stock deal valued at $35 per share, or about $350 million in total enterprise value. LB Pharmaceuticals advanced 11.62% to $39.00 after securing a $150 million private placement and accelerating the timeline for topline results from its Phase 3 schizophrenia trial to the first half of 2027.

NeoGenomics raised its full-year 2026 revenue guidance to a range of $802 million to $806 million, driven by strong clinical performance and durable growth in next-generation sequencing. Total second-quarter revenue reached $201.7 million, up 11% year-over-year and approximately $4 million above prior guidance, while adjusted EBITDA rose 36% to $14.4 million. Clinical revenue grew 14%, with NGS revenue surging 26% and now comprising one-third of clinical revenue, prompting management to lift its NGS growth forecast to the mid-20s from the prior low-20s estimate. The company lowered expectations for its nonclinical segment, now projecting a high-single-digit decline in 2026 versus the earlier low-to-mid-single-digit decline, as pharma revenue fell 26% in the quarter. NeoGenomics also raised its full-year adjusted EBITDA guidance to $56 million to $58 million and expects 100 to 150 basis points of gross margin improvement, supported by Lab of the Future efficiencies and a commercial reorganization into dedicated oncology and pathology teams.

NeoGenomics has launched PTEN IHC CDx, an FDA-approved companion diagnostic that identifies prostate cancer patients eligible for AstraZeneca's targeted therapy TRUQAP. The stock has returned 40.75% over the past 30 days and 134.13% over one year, though three- and five-year total shareholder returns remain negative. Based on a widely followed narrative, NeoGenomics is priced just below an estimated fair value of $15.06 versus the last close at $14.61, implying the stock is about 3% undervalued. However, the current price-to-sales ratio of 2.6 times sits well above the US healthcare industry average of 1.5 times and the peer average of 1.1 times, which could weigh on momentum if sentiment cools.

NeoGenomics shares rose 3.4% after the company announced the launch of PTEN IHC CDx, the first FDA-approved immunohistochemistry companion diagnostic test for prostate cancer. The test identifies PTEN protein loss in prostate adenocarcinoma patients, helping determine eligibility for AstraZeneca's targeted therapy TRUQAP. The stock later settled at $14.68, up 3.1% from the previous close. NeoGenomics has gained 24.8% year-to-date and hit a new 52-week high.