Foundation Medicine Inc. (FMI) Stock Rating Upgraded by Zacks Investment Research
Foundation Medicine Inc. (NASDAQ:FMI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
A number of other brokerages also recently commented on FMI. 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 restated a “hold” rating on shares of Foundation Medicine in a research note on Thursday, August 4th. Finally, Janney Montgomery Scott downgraded Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 target price on the stock. in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $20.00.
Foundation Medicine (NASDAQ:FMI) traded up 0.47% during midday trading on Tuesday, reaching $23.57. The company’s stock had a trading volume of 156,984 shares. The stock has a 50 day moving average of $22.62 and a 200 day moving average of $20.26. The firm’s market capitalization is $823.23 million. Foundation Medicine has a 52 week low of $13.34 and a 52 week high of $25.31.
Foundation Medicine (NASDAQ:FMI) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.79) by $0.05. Foundation Medicine had a negative net margin of 78.06% and a negative return on equity of 34.56%. The firm earned $28.24 million during the quarter, compared to analysts’ expectations of $26.72 million. During the same quarter last year, the firm earned ($0.98) EPS. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. On average, equities research analysts predict that Foundation Medicine will post ($3.12) earnings per share for the current fiscal year.
In related news, COO Steven J. Kafka sold 9,469 shares of the business’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $23.70, for a total transaction of $224,415.30. Following the completion of the transaction, the chief operating officer now owns 108,112 shares of the company’s stock, valued at approximately $2,562,254.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jason Ryan sold 13,863 shares of the business’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $23.92, for a total value of $331,602.96. Following the transaction, the chief financial officer now directly owns 61,148 shares of the company’s stock, valued at approximately $1,462,660.16. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of FMI. Oppenheimer & Co. Inc. boosted its position in Foundation Medicine by 59.5% in the second quarter. Oppenheimer & Co. Inc. now owns 673,921 shares of the company’s stock valued at $12,576,000 after buying an additional 251,370 shares during the period. Lord Abbett & CO. LLC boosted its position in Foundation Medicine by 210.2% in the second quarter. Lord Abbett & CO. LLC now owns 210,912 shares of the company’s stock valued at $3,935,000 after buying an additional 142,918 shares during the period. Murphy Michael R boosted its position in Foundation Medicine by 9.3% in the first quarter. Murphy Michael R now owns 1,558,392 shares of the company’s stock valued at $28,332,000 after buying an additional 132,029 shares during the period. Chevy Chase Trust Holdings Inc. boosted its position 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 valued at $13,609,000 after buying an additional 128,770 shares during the period. Finally, Advisor Group Inc. purchased a new position in Foundation Medicine during the second quarter valued at approximately $733,000. 30.97% of the stock is owned by institutional investors and hedge funds.
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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