Foundation Medicine Inc. (NASDAQ:FMI) has earned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the company. One research analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $18.50.
Several research firms have issued reports on FMI. Zacks Investment Research upgraded Foundation Medicine from a “sell” rating to a “hold” rating in a report on Thursday, August 25th. Janney Montgomery Scott downgraded Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 price objective on the stock. in a report on Wednesday, August 3rd. BTIG Research restated a “hold” rating on shares of Foundation Medicine in a report on Thursday, August 4th. Finally, JPMorgan Chase & Co. restated a “hold” rating and set a $25.00 price objective on shares of Foundation Medicine in a report on Wednesday, August 3rd.
In related news, insider David Daly sold 5,008 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $17.76, for a total transaction of $88,942.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert W. Hesslein sold 4,705 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were 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 insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Swiss National Bank raised its position in Foundation Medicine by 26.6% in the second quarter. Swiss National Bank now owns 24,743 shares of the company’s stock worth $462,000 after buying an additional 5,200 shares in the last quarter. State Treasurer State of Michigan bought a new position in Foundation Medicine during the second quarter worth about $224,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Foundation Medicine by 3.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 122,264 shares of the company’s stock worth $2,281,000 after buying an additional 3,723 shares in the last quarter. California State Teachers Retirement System raised its position in Foundation Medicine by 12.0% in the second quarter. California State Teachers Retirement System now owns 28,221 shares of the company’s stock worth $527,000 after buying an additional 3,016 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC raised its position in Foundation Medicine by 0.7% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 2,014,913 shares of the company’s stock worth $37,598,000 after buying an additional 13,515 shares in the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.
Foundation Medicine (NASDAQ:FMI) traded up 1.695% during midday trading on Tuesday, hitting $24.305. The stock had a trading volume of 98,756 shares. Foundation Medicine has a one year low of $13.34 and a one year high of $25.31. The firm’s market cap is $848.90 million. The stock has a 50-day moving average price of $22.83 and a 200 day moving average price of $19.97.
Foundation Medicine (NASDAQ:FMI) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the 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 analysts’ expectations of $26.72 million. During the same quarter in the prior year, the firm earned ($0.98) earnings per share. Foundation Medicine’s revenue for the quarter was up 25.7% compared to the same quarter last year. On average, analysts predict that Foundation Medicine will post ($3.12) earnings per share for the current year.
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. 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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