Brokerages Set Foundation Medicine Inc. (NASDAQ:FMI) Target Price at $18.50
Foundation Medicine Inc. (NASDAQ:FMI) has received an average rating of “Hold” from the seven brokerages that are presently covering the stock. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $18.50.
Several brokerages have recently weighed in on FMI. Zacks Investment Research upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Tuesday, August 16th. JPMorgan Chase & Co. restated a “hold” rating and issued a $25.00 target price on shares of Foundation Medicine in a research note on Wednesday, August 3rd. BTIG Research reaffirmed a “hold” rating on shares of Foundation Medicine in a report on Thursday, August 4th. Finally, Janney Montgomery Scott cut shares of Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 price target on the stock. in a report on Wednesday, August 3rd.
In other Foundation Medicine news, insider David Daly sold 5,008 shares of the stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $17.76, for a total transaction of $88,942.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jason Ryan sold 13,863 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $23.92, for a total transaction of $331,602.96. Following the sale, the chief financial officer now directly owns 61,148 shares in the company, valued at $1,462,660.16. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in Foundation Medicine by 7.8% in the first quarter. Bessemer Group Inc. now owns 7,250 shares of the company’s stock worth $132,000 after buying an additional 525 shares during the period. Geode Capital Management LLC boosted its stake in Foundation Medicine by 2.0% in the first quarter. Geode Capital Management LLC now owns 99,571 shares of the company’s stock worth $1,810,000 after buying an additional 1,919 shares during the period. Murphy Michael R boosted its stake in Foundation Medicine by 9.3% in the first quarter. Murphy Michael R now owns 1,558,392 shares of the company’s stock worth $28,332,000 after buying an additional 132,029 shares during the period. Barclays PLC boosted its stake in Foundation Medicine by 7,965.2% in the first quarter. Barclays PLC now owns 37,503 shares of the company’s stock worth $675,000 after buying an additional 37,038 shares during the period. Finally, Chevy Chase Trust Holdings Inc. boosted its stake in Foundation Medicine by 21.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 729,310 shares of the company’s stock worth $13,609,000 after buying an additional 128,770 shares during the period. 30.97% of the stock is currently owned by institutional investors and hedge funds.
Foundation Medicine (NASDAQ:FMI) opened at 22.61 on Tuesday. Foundation Medicine has a 12 month low of $13.34 and a 12 month high of $25.31. The stock’s market capitalization is $789.70 million. The firm’s 50-day moving average is $22.72 and its 200 day moving average is $20.06.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.79) by $0.05. The firm earned $28.24 million during the quarter, compared to analysts’ expectations of $26.72 million. Foundation Medicine had a negative net margin of 78.06% and a negative return on equity of 34.56%. Foundation Medicine’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.98) earnings per share. On average, equities analysts anticipate that Foundation Medicine will post ($3.12) earnings per share for the current year.
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. The Company’s segment is the business of delivering molecular information about cancer to its customers. Its products provide genomic information about each patient’s individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted oncology therapies.
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