Foundation Medicine, Inc. (NASDAQ:FMI) Downgraded to Hold at BidaskClub
BidaskClub lowered shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a buy rating to a hold rating in a report published on Wednesday morning.
Other equities research analysts have also issued reports about the company. William Blair reissued a buy rating on shares of Foundation Medicine in a research note on Monday, April 3rd. BTIG Research raised Foundation Medicine from a neutral rating to a buy rating and set a $39.00 target price for the company in a research report on Monday, May 15th. Zacks Investment Research raised Foundation Medicine from a sell rating to a hold rating in a research report on Friday, June 2nd. Finally, ValuEngine raised Foundation Medicine from a sell rating to a hold rating in a research report on Friday, June 2nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $28.60.
Foundation Medicine (NASDAQ:FMI) traded down 1.45% during trading on Wednesday, hitting $37.45. The stock had a trading volume of 95,647 shares. The stock’s market cap is $1.33 billion. Foundation Medicine has a 1-year low of $17.10 and a 1-year high of $43.15. The firm’s 50-day moving average price is $39.97 and its 200-day moving average price is $31.57.
Foundation Medicine (NASDAQ:FMI) last released its quarterly earnings data on Tuesday, May 9th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.02) by $0.29. The company had revenue of $26.32 million for the quarter, compared to the consensus estimate of $29.07 million. Foundation Medicine had a negative return on equity of 80.75% and a negative net margin of 126.17%. The business’s revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.50) earnings per share. On average, equities research analysts predict that Foundation Medicine will post ($4.34) earnings per share for the current fiscal year.
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In related news, insider David Daly sold 6,316 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $38.84, for a total transaction of $245,313.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jason Ryan sold 5,573 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $40.00, for a total value of $222,920.00. Following the sale, the chief financial officer now owns 78,405 shares of the company’s stock, valued at $3,136,200. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,936 shares of company stock valued at $3,472,317. 2.70% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Pioneer Investment Management Inc. purchased a new stake in shares of Foundation Medicine during the first quarter valued at about $10,502,000. Bank of New York Mellon Corp raised its stake in shares of Foundation Medicine by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 60,762 shares of the company’s stock valued at $1,959,000 after buying an additional 2,232 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in shares of Foundation Medicine during the first quarter valued at about $218,000. Wells Fargo & Company MN raised its stake in shares of Foundation Medicine by 7.0% in the first quarter. Wells Fargo & Company MN now owns 10,579 shares of the company’s stock valued at $341,000 after buying an additional 692 shares in the last quarter. Finally, Whittier Trust Co. raised its stake in shares of Foundation Medicine by 4.8% in the first quarter. Whittier Trust Co. now owns 42,053 shares of the company’s stock valued at $1,356,000 after buying an additional 1,914 shares in the last quarter. Institutional investors and hedge funds own 31.50% 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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