BidaskClub lowered shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a strong-buy rating to a buy rating in a research report released on Saturday morning.
A number of other brokerages have also commented on FMI. Zacks Investment Research upgraded Foundation Medicine from a sell rating to a hold rating in a report on Thursday, March 9th. William Blair restated a buy rating on shares of Foundation Medicine in a research note on Monday, April 3rd. BTIG Research upgraded Foundation Medicine from a neutral rating to a buy rating and set a $39.00 target price on the stock in a research note on Monday, May 15th. ValuEngine upgraded Foundation Medicine from a sell rating to a hold rating in a research note on Friday, June 2nd. Finally, Janney Montgomery Scott upgraded Foundation Medicine from a sell rating to a neutral rating and set a $31.00 target price on the stock in a research note on Tuesday, March 7th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Foundation Medicine currently has a consensus rating of Hold and a consensus price target of $30.25.
Shares of Foundation Medicine (NASDAQ FMI) traded down 3.57% on Friday, reaching $37.80. The company’s stock had a trading volume of 845,381 shares. The stock’s market cap is $1.35 billion. Foundation Medicine has a 52-week low of $16.95 and a 52-week high of $43.15. The firm’s 50 day moving average is $37.67 and its 200-day moving average is $28.24.
Foundation Medicine (NASDAQ:FMI) last issued its quarterly earnings results on Tuesday, May 9th. The company reported ($1.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.02) by $0.29. The business had revenue of $26.32 million for the quarter, compared to the consensus estimate of $29.07 million. Foundation Medicine had a negative return on equity of 80.75% and a negative net margin of 126.17%. The business’s revenue was down 13.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.50) earnings per share. On average, equities research analysts forecast that Foundation Medicine will post ($4.36) EPS for the current year.
In other news, insider David Daly sold 2,070 shares of Foundation Medicine stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $31.96, for a total value of $66,157.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jason Ryan sold 5,573 shares of Foundation Medicine stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $40.00, for a total value of $222,920.00. Following the completion of the transaction, the chief financial officer now owns 78,405 shares of the company’s stock, valued at $3,136,200. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,196 shares of company stock worth $642,582. Corporate insiders own 2.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new position in shares of Foundation Medicine during the fourth quarter valued at $552,000. Commerzbank Aktiengesellschaft FI boosted its position in shares of Foundation Medicine by 0.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 11,492 shares of the company’s stock valued at $203,000 after buying an additional 93 shares during the period. State Street Corp boosted its position in shares of Foundation Medicine by 6.2% in the fourth quarter. State Street Corp now owns 221,817 shares of the company’s stock valued at $3,926,000 after buying an additional 12,872 shares during the period. GSA Capital Partners LLP boosted its position in shares of Foundation Medicine by 24.1% in the fourth quarter. GSA Capital Partners LLP now owns 11,500 shares of the company’s stock valued at $204,000 after buying an additional 2,234 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Foundation Medicine by 5.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,898 shares of the company’s stock valued at $193,000 after buying an additional 583 shares during the period. Institutional investors own 31.58% 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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