Foundation Medicine, Inc. (FMI) Lowered to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
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 upgraded shares of Foundation Medicine from a buy rating to a strong-buy rating in a report on Saturday, June 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $32.00.
Shares of Foundation Medicine (NASDAQ FMI) traded up 0.88% on Tuesday, reaching $40.15. The company’s stock had a trading volume of 5,263 shares. The company’s 50 day moving average is $39.20 and its 200-day moving average is $37.27. The stock’s market cap is $1.45 billion. Foundation Medicine has a 1-year low of $17.10 and a 1-year high of $43.15.
Foundation Medicine (NASDAQ:FMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($1.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.08) by ($0.16). Foundation Medicine had a negative net margin of 131.79% and a negative return on equity of 109.63%. The company had revenue of $35.00 million during the quarter, compared to analyst estimates of $34.94 million. During the same quarter last year, the company earned ($0.84) EPS. The firm’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, equities analysts predict that Foundation Medicine will post ($4.67) earnings per share for the current fiscal year.
In related news, Director Krishna Yeshwant sold 4,800 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $40.01, for a total value of $192,048.00. Following the completion of the transaction, the director now owns 5,786 shares of the company’s stock, valued at $231,497.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Robert W. Hesslein sold 5,070 shares of Foundation Medicine stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $38.84, for a total transaction of $196,918.80. The disclosure for this sale can be found here. Insiders sold a total of 170,242 shares of company stock worth $6,643,341 in the last 90 days. Company insiders own 2.70% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Teachers Advisors LLC boosted its stake in shares of Foundation Medicine by 12.4% during the 4th quarter. Teachers Advisors LLC now owns 23,071 shares of the company’s stock worth $408,000 after buying an additional 2,538 shares during the last quarter. Adalta Capital Management LLC acquired a new stake in shares of Foundation Medicine in the first quarter valued at about $4,056,000. Cannell Peter B & Co. Inc. acquired a new stake in shares of Foundation Medicine in the second quarter valued at about $1,093,000. Whittier Trust Co. increased its position in shares of Foundation Medicine by 3.1% in the second quarter. Whittier Trust Co. now owns 43,338 shares of the company’s stock valued at $1,723,000 after acquiring an additional 1,285 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in shares of 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 acquiring an additional 9,050 shares during the last quarter. 31.84% of the stock is currently owned by hedge funds and other institutional investors.
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. 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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