Shares of Foundation Medicine Inc. (NASDAQ:FMI) have received a consensus rating of “Hold” from the seven analysts that are currently covering the firm. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $18.50.
A number of research firms have weighed in on FMI. Zacks Investment Research upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Tuesday, August 16th. JPMorgan Chase & Co. reissued a “hold” rating and set a $25.00 price objective on shares of Foundation Medicine in a report on Wednesday, August 3rd. BTIG Research reissued a “hold” rating on shares of Foundation Medicine in a report on Thursday, August 4th. Finally, Janney Montgomery Scott cut Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 price objective for the company. in a report on Wednesday, August 3rd.
Foundation Medicine (NASDAQ:FMI) opened at 22.61 on Tuesday. Foundation Medicine has a 52-week low of $13.34 and a 52-week high of $25.31. The company’s market cap is $789.70 million. The stock’s 50 day moving average is $22.72 and its 200 day moving average is $20.06.
Foundation Medicine (NASDAQ:FMI) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.84) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.79) by $0.05. Foundation Medicine had a negative return on equity of 34.56% and a negative net margin of 78.06%. The business had revenue of $28.24 million for the quarter, compared to analyst estimates of $26.72 million. During the same quarter in the prior year, the firm earned ($0.98) EPS. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. Equities research analysts forecast that Foundation Medicine will post ($3.12) earnings per share for the current year.
In other Foundation Medicine news, COO Steven J. Kafka sold 9,469 shares of the business’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $23.70, for a total transaction of $224,415.30. Following the completion of the sale, the chief operating officer now directly owns 108,112 shares of the company’s stock, valued at approximately $2,562,254.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert W. Hesslein sold 4,705 shares of the business’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $17.62, for a total value of $82,902.10. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the company. BlackRock Advisors LLC boosted its stake in shares of Foundation Medicine by 11.7% in the second quarter. BlackRock Advisors LLC now owns 6,107 shares of the company’s stock valued at $114,000 after buying an additional 641 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Foundation Medicine by 7.8% in the first quarter. Bessemer Group Inc. now owns 7,250 shares of the company’s stock valued at $132,000 after buying an additional 525 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Foundation Medicine during the second quarter valued at $135,000. Nationwide Fund Advisors boosted its stake in shares of Foundation Medicine by 9.3% in the second quarter. Nationwide Fund Advisors now owns 8,493 shares of the company’s stock valued at $158,000 after buying an additional 726 shares in the last quarter. Finally, State Treasurer State of Michigan purchased a new stake in shares of Foundation Medicine during the second quarter valued at $224,000. 30.97% of the stock is 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. The Company’s segment is the business of delivering molecular information about cancer to its customers. Its products provide genomic information about each patient’s individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted oncology therapies.
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