BidaskClub upgraded shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a hold rating to a buy rating in a research report released on Saturday morning.
FMI has been the topic of several other reports. ValuEngine raised Foundation Medicine from a sell rating to a hold rating in a report on Friday, June 2nd. Zacks Investment Research raised Foundation Medicine from a sell rating to a hold rating in a report on Friday, June 2nd. Finally, BTIG Research raised Foundation Medicine from a neutral rating to a buy rating and set a $39.00 target price on the stock in a report on Monday, May 15th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $29.50.
Shares of Foundation Medicine (NASDAQ FMI) traded down 0.96% during trading on Friday, hitting $41.40. The stock had a trading volume of 137,719 shares. Foundation Medicine has a 12 month low of $17.10 and a 12 month high of $43.15. The company’s market cap is $1.49 billion. The stock has a 50 day moving average of $38.10 and a 200 day moving average of $35.87.
Foundation Medicine (NASDAQ:FMI) last issued its earnings results on Tuesday, August 1st. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.08) by $0.16. Foundation Medicine had a negative return on equity of 109.63% and a negative net margin of 131.79%. The firm had revenue of $35 million during the quarter, compared to the consensus estimate of $34.94 million. During the same period last year, the firm posted ($0.84) earnings per share. The company’s revenue for the quarter was up 23.9% compared to the same quarter last year. Equities analysts forecast that Foundation Medicine will post ($4.64) EPS for the current fiscal year.
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In other Foundation Medicine news, CFO Jason Ryan sold 6,683 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $38.84, for a total transaction of $259,567.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Krishna Yeshwant sold 4,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $40.01, for a total value of $192,048.00. Following the sale, the director now directly owns 5,786 shares in the company, valued at $231,497.86. The disclosure for this sale can be found here. Insiders have sold 182,552 shares of company stock worth $7,123,185 over the last three months. 2.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of FMI. Lord Abbett & CO. LLC increased its stake in Foundation Medicine by 146.0% during the second quarter. Lord Abbett & CO. LLC now owns 579,225 shares of the company’s stock worth $23,024,000 after acquiring an additional 343,770 shares during the last quarter. State Street Corp increased its stake in Foundation Medicine by 124.2% during the second quarter. State Street Corp now owns 526,775 shares of the company’s stock worth $20,947,000 after acquiring an additional 291,815 shares during the last quarter. Alliancebernstein L.P. increased its stake in Foundation Medicine by 38.7% during the first quarter. Alliancebernstein L.P. now owns 788,860 shares of the company’s stock worth $25,441,000 after acquiring an additional 220,236 shares during the last quarter. Pier Capital LLC bought a new stake in Foundation Medicine during the second quarter worth approximately $6,126,000. Finally, Adalta Capital Management LLC bought a new stake in Foundation Medicine during the first quarter worth approximately $4,056,000. 31.84% of the stock is currently owned by institutional investors.
Foundation Medicine Company Profile
Foundation Medicine, Inc is a molecular information company. The Company sells products that are enabled by its molecular information platform to physicians and biopharmaceutical companies. It is engaged in the business of delivering molecular information about cancer to its customers. Its platform includes various methods and algorithms for analyzing specimens across various types of cancer.
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