Zacks: Brokerages Anticipate Foundation Medicine, Inc. (FMI) Will Announce Earnings of -$1.07 Per Share
Analysts expect Foundation Medicine, Inc. (NASDAQ:FMI) to report ($1.07) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Foundation Medicine’s earnings, with estimates ranging from ($1.20) to ($0.99). Foundation Medicine reported earnings per share of ($0.90) during the same quarter last year, which suggests a negative year over year growth rate of 18.9%. The firm is expected to issue its next quarterly earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Foundation Medicine will report full-year earnings of ($4.59) per share for the current financial year, with EPS estimates ranging from ($4.80) to ($4.41). For the next fiscal year, analysts expect that the business will report earnings of ($3.86) per share, with EPS estimates ranging from ($4.30) to ($3.28). Zacks’ EPS calculations are an average based on a survey of research analysts that cover Foundation Medicine.
Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings data on Tuesday, August 1st. The company reported ($1.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.08) by $0.16. The firm had revenue of $35 million during the quarter, compared to the consensus estimate of $34.94 million. Foundation Medicine had a negative net margin of 131.79% and a negative return on equity of 109.63%. The firm’s quarterly revenue was up 23.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.84) earnings per share.
FMI has been the topic of several analyst reports. BTIG Research upgraded shares of Foundation Medicine from a “neutral” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Monday, May 15th. ValuEngine upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub downgraded shares of Foundation Medicine from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $29.50.
In other news, Director Krishna Yeshwant sold 4,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $40.01, for a total transaction of $192,048.00. Following the completion of the transaction, the director now directly owns 5,786 shares of the company’s stock, valued at $231,497.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert W. Hesslein sold 5,070 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $38.84, for a total transaction of $196,918.80. The disclosure for this sale can be found here. Insiders have sold 188,680 shares of company stock valued at $7,367,362 over the last three months. 2.70% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FMI. Fiduciary Trust Co. bought a new position in Foundation Medicine during the second quarter valued at $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 valued at $138,000 after buying an additional 274 shares during the last quarter. 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 valued at $142,000 after buying an additional 400 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Foundation Medicine by 5.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,898 shares of the company’s stock valued at $193,000 after buying an additional 583 shares during the last quarter. Finally, 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 valued at $200,000 after buying an additional 2,452 shares during the last quarter. 30.89% of the stock is owned by hedge funds and other institutional investors.
Shares of Foundation Medicine (NASDAQ:FMI) traded up 1.64% on Monday, reaching $37.15. The company’s stock had a trading volume of 108,409 shares. The firm has a 50 day moving average of $37.92 and a 200 day moving average of $34.18. Foundation Medicine has a 52-week low of $17.10 and a 52-week high of $43.15. The company’s market cap is $1.34 billion.
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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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