State of Wisconsin Investment Board Acquires New Holdings in Foundation Medicine, Inc. (FMI)
State of Wisconsin Investment Board acquired a new position in Foundation Medicine, Inc. (NASDAQ:FMI) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,000 shares of the company’s stock, valued at approximately $437,000.
Several other hedge funds have also recently added to or reduced their stakes in FMI. Alliancebernstein L.P. increased its holdings in shares of Foundation Medicine by 38.7% in the 1st 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 period. Adalta Capital Management LLC acquired a new stake in shares of Foundation Medicine in the 1st quarter worth about $4,056,000. Pioneer Investment Management Inc. increased its holdings in shares of Foundation Medicine by 13.6% in the 2nd quarter. Pioneer Investment Management Inc. now owns 369,957 shares of the company’s stock worth $14,706,000 after acquiring an additional 44,315 shares during the period. Geode Capital Management LLC increased its holdings in shares of Foundation Medicine by 27.2% in the 1st quarter. Geode Capital Management LLC now owns 140,182 shares of the company’s stock worth $4,520,000 after acquiring an additional 29,984 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Foundation Medicine by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 583,496 shares of the company’s stock worth $18,817,000 after acquiring an additional 28,619 shares during the period. 31.84% of the stock is currently owned by institutional investors and hedge funds.
Foundation Medicine, Inc. (NASDAQ:FMI) opened at 41.10 on Thursday. The company has a 50-day moving average of $38.29 and a 200-day moving average of $36.29. Foundation Medicine, Inc. has a 12 month low of $17.10 and a 12 month high of $43.15. The company’s market cap is $1.48 billion.
Foundation Medicine (NASDAQ:FMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.08) by ($0.16). The company had revenue of $35.00 million for the quarter, compared to the consensus estimate of $34.94 million. Foundation Medicine had a negative net margin of 131.79% and a negative return on equity of 109.63%. The firm’s revenue was up 23.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.84) earnings per share. Analysts predict that Foundation Medicine, Inc. will post ($4.64) EPS for the current year.
In related news, COO Steven J. Kafka sold 19,708 shares of Foundation Medicine stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $38.93, for a total value of $767,232.44. Following the completion of the transaction, the chief operating officer now directly owns 116,728 shares of the company’s stock, valued at $4,544,221.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jason Ryan sold 6,683 shares of Foundation Medicine stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $38.84, for a total value of $259,567.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 182,552 shares of company stock valued at $7,123,185. Company insiders own 2.70% of the company’s stock.
A number of research firms recently weighed in on FMI. BidaskClub raised shares of Foundation Medicine from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 8th. ValuEngine raised shares of Foundation Medicine from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research raised shares of Foundation Medicine from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Foundation Medicine currently has a consensus rating of “Hold” and an average price target of $29.50.
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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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