Foundation Medicine, Inc. (FMI) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a hold rating to a buy rating in a report released on Monday. The brokerage currently has $59.00 price objective on the stock.
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 strong sell rating to a sell rating in a report on Tuesday, August 8th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $43.00.
Foundation Medicine (NASDAQ FMI) traded down $3.60 on Monday, reaching $50.75. 208,066 shares of the company traded hands, compared to its average volume of 187,854. Foundation Medicine has a 1-year low of $17.10 and a 1-year high of $55.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.24 and a quick ratio of 2.03.
Foundation Medicine (NASDAQ:FMI) last posted its earnings results on Wednesday, November 1st. The company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.16. Foundation Medicine had a negative net margin of 119.69% and a negative return on equity of 143.18%. The firm had revenue of $42.66 million during the quarter, compared to analysts’ expectations of $37.99 million. During the same quarter in the prior year, the firm earned ($0.90) EPS. Foundation Medicine’s quarterly revenue was up 45.0% on a year-over-year basis. analysts anticipate that Foundation Medicine will post -4.52 EPS for the current fiscal year.
In related news, SVP Robert W. Hesslein sold 2,165 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $38.80, for a total transaction of $84,002.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Daly sold 46,872 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $39.50, for a total transaction of $1,851,444.00. Following the sale, the insider now directly owns 163,133 shares of the company’s stock, valued at $6,443,753.50. The disclosure for this sale can be found here. Insiders sold 106,929 shares of company stock valued at $4,339,004 over the last quarter. Insiders own 2.70% of the company’s stock.
Large investors have recently modified their holdings of the stock. Fiduciary Trust Co. purchased a new stake in shares of Foundation Medicine in the 2nd quarter valued at approximately $119,000. Legal & General Group Plc lifted its position in shares of Foundation Medicine by 8.6% in the 2nd quarter. Legal & General Group Plc now owns 3,442 shares of the company’s stock valued at $138,000 after acquiring an additional 274 shares in the last quarter. Creative Planning lifted its position in shares of Foundation Medicine by 15.3% in the 2nd quarter. Creative Planning now owns 5,075 shares of the company’s stock valued at $202,000 after acquiring an additional 675 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Foundation Medicine by 65.8% in the 1st quarter. Bank of America Corp DE now owns 6,180 shares of the company’s stock valued at $200,000 after acquiring an additional 2,452 shares in the last quarter. Finally, Voya Investment Management LLC purchased a new stake in shares of Foundation Medicine in the 2nd quarter valued at approximately $262,000. Institutional investors and hedge funds own 32.77% of the company’s stock.
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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