Shares of NeoGenomics (NEO) plummeted 5.24% in pre-market trading on Wednesday after Leerink Partners downgraded the stock and significantly lowered its price target. The move comes as a blow to the cancer diagnostics company, raising concerns among investors about its near-term prospects.

Leerink Partners, a prominent research firm, cut its rating on NeoGenomics from Outperform to Market Perform, indicating a less optimistic outlook on the company's performance. More notably, the firm slashed its price target for NeoGenomics from $25 to $9, representing a substantial 64% reduction in their valuation estimate.

The sharp downgrade and price target cut suggest that Leerink Partners may have concerns about NeoGenomics' growth trajectory or competitive position in the oncology diagnostics market. While the specific reasons for the downgrade were not immediately clear, such a significant revision in outlook often reflects changing market dynamics or company-specific challenges that could impact future performance. Investors will likely be closely watching for any additional information or guidance from NeoGenomics management to better understand the factors behind this negative assessment.