BidaskClub lowered shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a hold rating to a sell rating in a research report sent to investors on Monday morning.
FMI has been the subject of several other research reports. William Blair reissued a buy rating on shares of Foundation Medicine in a research report on Monday, April 3rd. Zacks Investment Research raised shares of Foundation Medicine from a sell rating to a hold rating in a research report on Friday, June 2nd. BTIG Research raised shares of Foundation Medicine from a neutral rating to a buy rating and set a $39.00 price objective for the company in a research report on Monday, May 15th. Finally, ValuEngine raised shares of Foundation Medicine from a sell rating to a hold rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $28.60.
Shares of Foundation Medicine (NASDAQ FMI) traded down 1.13% during midday trading on Monday, hitting $34.95. 399,310 shares of the company’s stock were exchanged. Foundation Medicine has a 52 week low of $17.10 and a 52 week high of $43.15. The company has a 50-day moving average of $39.14 and a 200-day moving average of $32.58. The firm’s market cap is $1.25 billion.
Foundation Medicine (NASDAQ:FMI) last issued its quarterly earnings data on Tuesday, May 9th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.02) by $0.29. Foundation Medicine had a negative return on equity of 80.75% and a negative net margin of 126.17%. The company had revenue of $26.32 million for the quarter, compared to the consensus estimate of $29.07 million. During the same period in the prior year, the company earned ($0.50) EPS. The firm’s revenue was down 13.3% on a year-over-year basis. Equities research analysts expect that Foundation Medicine will post ($4.34) EPS for the current fiscal year.
In related news, CFO Jason Ryan sold 5,573 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $40.00, for a total value of $222,920.00. Following the completion of the transaction, the chief financial officer now owns 78,405 shares of the company’s stock, valued at $3,136,200. 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 the firm’s 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. In the last ninety days, insiders sold 88,936 shares of company stock valued at $3,472,317. 2.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pioneer Investment Management Inc. acquired a new position in Foundation Medicine during the first quarter worth $10,502,000. Alliancebernstein L.P. increased its position in Foundation Medicine by 38.7% in the first quarter. Alliancebernstein L.P. now owns 788,860 shares of the company’s stock worth $25,441,000 after buying an additional 220,236 shares during the period. Chevy Chase Trust Holdings Inc. increased its position in Foundation Medicine by 16.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 1,096,489 shares of the company’s stock worth $35,362,000 after buying an additional 154,168 shares during the period. Adalta Capital Management LLC acquired a new position in Foundation Medicine during the first quarter worth $4,056,000. Finally, Geode Capital Management LLC increased its position in Foundation Medicine by 27.2% in the first quarter. Geode Capital Management LLC now owns 140,182 shares of the company’s stock worth $4,520,000 after buying an additional 29,984 shares during the period. 31.21% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Foundation Medicine Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foundation Medicine Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
