Foundation Medicine Inc. (NASDAQ:FMI) Receives Average Recommendation of “Hold” from Brokerages
Shares of Foundation Medicine Inc. (NASDAQ:FMI) have been assigned an average rating of “Hold” from the seven research firms that are 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 brokerages that have updated their coverage on the stock in the last year is $18.50.
A number of brokerages have recently issued reports on FMI. Zacks Investment Research upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th. Janney Montgomery Scott lowered shares of Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 price objective for the company. in a research note on Wednesday, August 3rd. BTIG Research reiterated a “hold” rating on shares of Foundation Medicine in a research note on Thursday, August 4th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and issued a $25.00 price objective on shares of Foundation Medicine in a research note on Wednesday, August 3rd.
In other Foundation Medicine news, CFO Jason Ryan sold 13,863 shares of the business’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $23.92, for a total transaction of $331,602.96. Following the completion of the sale, the chief financial officer now owns 61,148 shares in the company, valued at approximately $1,462,660.16. 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 on Tuesday, July 5th. The shares were sold at an average price of $17.62, for a total transaction of $82,902.10. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. raised 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 worth $132,000 after buying an additional 525 shares during the period. Geode Capital Management LLC raised its stake in Foundation Medicine by 2.0% in the first quarter. Geode Capital Management LLC now owns 99,571 shares of the company’s stock valued at $1,810,000 after buying an additional 1,919 shares during the last quarter. Murphy Michael R raised its stake in Foundation Medicine by 9.3% in the first quarter. Murphy Michael R now owns 1,558,392 shares of the company’s stock valued at $28,332,000 after buying an additional 132,029 shares during the last quarter. Barclays PLC raised its stake in Foundation Medicine by 7,965.2% in the first quarter. Barclays PLC now owns 37,503 shares of the company’s stock valued at $675,000 after buying an additional 37,038 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in Foundation Medicine by 21.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 729,310 shares of the company’s stock valued at $13,609,000 after buying an additional 128,770 shares during the last quarter. Institutional investors and hedge funds own 30.97% of the company’s stock.
Foundation Medicine (NASDAQ:FMI) opened at 23.35 on Tuesday. The firm’s market cap is $815.55 million. The company’s 50-day moving average is $22.68 and its 200 day moving average is $20.10. Foundation Medicine has a one year low of $13.34 and a one year high of $25.31.
Foundation Medicine (NASDAQ:FMI) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.79) by $0.05. The firm earned $28.24 million during the quarter, compared to analyst estimates of $26.72 million. Foundation Medicine had a negative return on equity of 34.56% and a negative net margin of 78.06%. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.98) EPS. Equities analysts anticipate that Foundation Medicine will post ($3.12) earnings per share for the current year.
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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