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. “
Separately, BidaskClub lowered Foundation Medicine from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Foundation Medicine has an average rating of “Hold” and an average price target of $35.00.
Shares of Foundation Medicine (NASDAQ FMI) opened at 45.00 on Tuesday. The firm’s market cap is $1.62 billion. Foundation Medicine has a 12 month low of $17.10 and a 12 month high of $47.35. The firm’s 50-day moving average price is $40.40 and its 200-day moving average price is $37.77.
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 consensus estimate of ($1.08) by ($0.16). The firm had revenue of $35.00 million for the quarter, compared to analysts’ expectations of $34.94 million. Foundation Medicine had a negative return on equity of 109.63% and a negative net margin of 131.79%. The business’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.84) EPS. Analysts expect that Foundation Medicine will post ($4.67) earnings per share for the current year.
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In related news, insider Vincent A. Miller sold 2,944 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $38.80, for a total transaction of $114,227.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Robert W. Hesslein sold 2,165 shares of the firm’s stock in a transaction dated 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. In the last three months, insiders have sold 127,338 shares of company stock worth $4,969,816. Corporate insiders own 2.70% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. lifted its position in Foundation Medicine by 1.3% in the second quarter. Oppenheimer & Co. Inc. now owns 684,090 shares of the company’s stock valued at $27,192,000 after purchasing an additional 9,050 shares during the period. Vanguard Group Inc. lifted its position in Foundation Medicine by 8.2% in the second quarter. Vanguard Group Inc. now owns 631,339 shares of the company’s stock valued at $25,096,000 after purchasing an additional 47,843 shares during the period. Lord Abbett & CO. LLC lifted its position in Foundation Medicine by 146.0% in the second quarter. Lord Abbett & CO. LLC now owns 579,225 shares of the company’s stock valued at $23,024,000 after purchasing an additional 343,770 shares during the period. State Street Corp lifted its position in Foundation Medicine by 124.2% in the second quarter. State Street Corp now owns 526,775 shares of the company’s stock valued at $20,947,000 after purchasing an additional 291,815 shares during the period. Finally, Pioneer Investment Management Inc. lifted its position in Foundation Medicine by 13.6% in the second quarter. Pioneer Investment Management Inc. now owns 369,957 shares of the company’s stock valued at $14,706,000 after purchasing an additional 44,315 shares during the period. Hedge funds and other institutional investors own 31.84% of the company’s stock.
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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