Foundation Medicine, Inc. (NASDAQ:FMI) Receives Average Recommendation of “Hold” from Brokerages
Shares of Foundation Medicine, Inc. (NASDAQ:FMI) have received an average recommendation of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $30.67.
Several research firms have recently commented on FMI. BidaskClub raised Foundation Medicine from a “strong sell” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research raised Foundation Medicine from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. ValuEngine raised Foundation Medicine from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BTIG Research raised Foundation Medicine from a “neutral” rating to a “buy” rating and set a $39.00 price target for the company in a report on Monday, May 15th.
Shares of Foundation Medicine (NASDAQ FMI) traded up 0.78% on Friday, reaching $39.00. The company’s stock had a trading volume of 164,498 shares. Foundation Medicine has a 1-year low of $17.10 and a 1-year high of $43.15. The stock has a 50-day moving average price of $38.47 and a 200-day moving average price of $33.50. The company’s market capitalization is $1.40 billion.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Tuesday, August 1st. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.08) by $0.16. Foundation Medicine had a negative net margin of 131.79% and a negative return on equity of 109.63%. The company had revenue of $35 million during the quarter, compared to analysts’ expectations of $34.94 million. During the same quarter last year, the business posted ($0.84) earnings per share. The company’s revenue for the quarter was up 23.9% compared to the same quarter last year. On average, equities research analysts forecast that Foundation Medicine will post ($4.64) EPS for the current year.
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In other news, COO Steven J. Kafka sold 12,310 shares of the business’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $38.98, for a total value of $479,843.80. Following the completion of the transaction, the chief operating officer now directly owns 116,728 shares of the company’s stock, valued at $4,550,057.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jason Ryan sold 5,573 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was 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 directly owns 78,405 shares of the company’s stock, valued at $3,136,200. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 188,680 shares of company stock valued at $7,367,362. 2.70% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Fiduciary Trust Co. bought a new position in Foundation Medicine during the second quarter worth $119,000. Legal & General Group Plc boosted its position in Foundation Medicine by 8.6% in the second quarter. Legal & General Group Plc now owns 3,442 shares of the company’s stock worth $138,000 after buying an additional 274 shares during the period. Creative Planning boosted its position in Foundation Medicine by 10.0% in the first quarter. Creative Planning now owns 4,400 shares of the company’s stock worth $142,000 after buying an additional 400 shares during the period. Bank of America Corp DE boosted its position in Foundation Medicine by 65.8% in the first quarter. Bank of America Corp DE now owns 6,180 shares of the company’s stock worth $200,000 after buying an additional 2,452 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new position in Foundation Medicine during the first quarter worth $218,000. 30.91% of the stock is owned by institutional investors.
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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