Foundation Medicine (NASDAQ:FMI) Downgraded by BidaskClub

BidaskClub lowered shares of Foundation Medicine (NASDAQ:FMI) from a buy rating to a hold rating in a report published on Thursday, March 15th.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Foundation Medicine from a hold rating to a buy rating and set a $66.00 price objective for the company in a report on Wednesday, December 6th. Wells Fargo reiterated a market perform rating and set a $80.00 price objective (up previously from $67.00) on shares of Foundation Medicine in a report on Thursday, March 8th. Goldman Sachs assumed coverage on shares of Foundation Medicine in a report on Monday, January 29th. They issued a neutral rating and a $73.00 price target for the company. Finally, Cowen assumed coverage on shares of Foundation Medicine in a report on Thursday, February 15th. They issued an outperform rating and a $90.00 price target for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $69.60.

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Shares of FMI stock traded down $0.75 during trading hours on Thursday, reaching $71.50. 247,614 shares of the stock were exchanged, compared to its average volume of 398,087. Foundation Medicine has a 12-month low of $30.10 and a 12-month high of $87.10. The stock has a market cap of $2,664.71, a PE ratio of -15.89 and a beta of -0.13. The company has a current ratio of 1.86, a quick ratio of 1.67 and a debt-to-equity ratio of 1.90.

Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings data on Wednesday, March 7th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.97) by ($0.08). Foundation Medicine had a negative net margin of 105.60% and a negative return on equity of 207.73%. The company had revenue of $48.90 million for the quarter, compared to the consensus estimate of $48.69 million. During the same quarter in the previous year, the business earned ($1.02) EPS. The company’s quarterly revenue was up 69.8% compared to the same quarter last year. sell-side analysts forecast that Foundation Medicine will post -4.33 EPS for the current year.

In other news, Director Michael J. Pellini sold 37,288 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $64.55, for a total value of $2,406,940.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vincent A. Miller sold 14,755 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $65.31, for a total transaction of $963,649.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 318,177 shares of company stock valued at $21,904,741. Company insiders own 2.70% of the company’s stock.

Several institutional investors have recently modified their holdings of FMI. Fiduciary Trust Co. purchased a new position in shares of Foundation Medicine in the 4th quarter worth approximately $205,000. BlueCrest Capital Management Ltd purchased a new position in shares of Foundation Medicine in the 4th quarter worth approximately $239,000. Financial Advocates Investment Management purchased a new position in shares of Foundation Medicine in the 4th quarter worth approximately $239,000. UBS Asset Management Americas Inc. purchased a new position in shares of Foundation Medicine in the 4th quarter worth approximately $241,000. Finally, Raymond James & Associates purchased a new position in shares of Foundation Medicine in the 4th quarter worth approximately $244,000. 31.17% of the stock is currently owned by hedge funds and other institutional investors.

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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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