Zacks Investment Research upgraded shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a hold rating to a buy rating in a research note issued to investors on Monday morning. They currently have $59.00 price objective on the stock.
According to Zacks, “Foundation Medicine, Inc. provides molecular information products primarily in the United States. The company offers FoundationOne(TM) a molecular information product for the analysis of routine cancer specimens in a clinical setting. Its molecular information platform generates actionable genomic information about a patient’s individual disease, enabling physicians to optimize treatments in clinical practice, and enabling biopharmaceutical companies to develop targeted oncology therapies. Foundation Medicine, Inc. is based in Cambridge, Massachusetts. “
Separately, BidaskClub upgraded shares of Foundation Medicine from a strong sell rating to a sell rating in a research note on Tuesday, August 8th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Foundation Medicine has an average rating of Hold and a consensus price target of $43.00.
Shares of Foundation Medicine (FMI) opened at $52.80 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.24 and a quick ratio of 2.03. Foundation Medicine has a 12 month low of $17.10 and a 12 month high of $55.95.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Wednesday, November 1st. The company reported ($0.90) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.16. The business had revenue of $42.66 million during the quarter, compared to analyst estimates of $37.99 million. Foundation Medicine had a negative net margin of 119.69% and a negative return on equity of 143.18%. The company’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.90) EPS. equities research analysts forecast that Foundation Medicine will post -4.43 earnings per share for the current fiscal year.
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In other news, CFO Jason Ryan sold 9,731 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $50.00, for a total value of $486,550.00. Following the completion of the sale, the chief financial officer now directly owns 52,601 shares in the company, valued at approximately $2,630,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Robert W. Hesslein sold 2,165 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $38.80, for a total value of $84,002.00. The disclosure for this sale can be found here. Insiders sold a total of 30,057 shares of company stock valued at $1,301,960 over the last 90 days. 2.70% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Fiduciary Trust Co. purchased a new stake in shares of Foundation Medicine in the 2nd quarter worth $119,000. Legal & General Group Plc increased its stake in shares of Foundation Medicine by 8.6% in the 2nd quarter. Legal & General Group Plc now owns 3,442 shares of the company’s stock worth $138,000 after purchasing an additional 274 shares in the last quarter. Creative Planning boosted its holdings in Foundation Medicine by 15.3% in the 2nd quarter. Creative Planning now owns 5,075 shares of the company’s stock worth $202,000 after buying an additional 675 shares during the period. Bank of America Corp DE boosted its holdings in Foundation Medicine by 65.8% in the 1st quarter. Bank of America Corp DE now owns 6,180 shares of the company’s stock worth $200,000 after buying an additional 2,452 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Foundation Medicine by 36.6% in the 3rd quarter. SG Americas Securities LLC now owns 6,481 shares of the company’s stock worth $261,000 after buying an additional 1,736 shares during the period. Hedge funds and other institutional investors own 32.77% of the company’s stock.
About Foundation Medicine
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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