Foundation Medicine Inc (NASDAQ:FMI)’s share price traded up 7.7% during trading on Friday . The stock traded as high as $87.10 and last traded at $86.15. 851,904 shares traded hands during mid-day trading, an increase of 183% from the average session volume of 300,847 shares. The stock had previously closed at $80.00.
Several brokerages recently weighed in on FMI. BidaskClub downgraded shares of Foundation Medicine from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Zacks Investment Research upgraded shares of Foundation Medicine from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a report on Wednesday, December 6th. Cowen began coverage on shares of Foundation Medicine in a report on Thursday, February 15th. They issued an “outperform” rating and a $90.00 price target on the stock. Finally, Wells Fargo & Co reiterated a “market perform” rating and issued a $80.00 price target (up previously from $67.00) on shares of Foundation Medicine in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Foundation Medicine has a consensus rating of “Buy” and a consensus target price of $69.60.
The company has a quick ratio of 2.03, a current ratio of 1.86 and a debt-to-equity ratio of 1.90.
In other news, Director Evan/ Fa Jones sold 1,400 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $62.05, for a total transaction of $86,870.00. Following the sale, the director now owns 17,652 shares of the company’s stock, valued at approximately $1,095,306.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vincent A. Miller sold 32,008 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $76.87, for a total transaction of $2,460,454.96. The disclosure for this sale can be found here. Insiders have sold a total of 277,852 shares of company stock worth $18,786,273 in the last ninety days. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Chevy Chase Trust Holdings Inc. grew its stake in shares of Foundation Medicine by 0.9% during the 4th quarter. Chevy Chase Trust Holdings Inc. now owns 1,068,293 shares of the company’s stock worth $72,825,000 after purchasing an additional 9,152 shares during the period. Discovery Group I LLC grew its stake in shares of Foundation Medicine by 0.9% during the 3rd quarter. Discovery Group I LLC now owns 836,986 shares of the company’s stock worth $33,647,000 after purchasing an additional 7,181 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Foundation Medicine by 5.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 723,480 shares of the company’s stock worth $29,084,000 after purchasing an additional 39,390 shares during the period. Vanguard Group Inc. grew its stake in Foundation Medicine by 8.2% in the 2nd quarter. Vanguard Group Inc. now owns 631,339 shares of the company’s stock valued at $25,096,000 after acquiring an additional 47,843 shares during the period. Finally, State Street Corp grew its stake in Foundation Medicine by 124.2% in the 2nd quarter. State Street Corp now owns 526,775 shares of the company’s stock valued at $20,947,000 after acquiring an additional 291,815 shares during the period. 32.88% of the stock is currently owned by institutional investors and hedge funds.
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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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