$38.22 Million in Sales Expected for Foundation Medicine, Inc. (FMI) This Quarter
Brokerages forecast that Foundation Medicine, Inc. (NASDAQ:FMI) will report sales of $38.22 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Foundation Medicine’s earnings. The lowest sales estimate is $37.50 million and the highest is $39.20 million. Foundation Medicine posted sales of $29.43 million in the same quarter last year, which suggests a positive year over year growth rate of 29.9%. The firm is expected to report its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that Foundation Medicine will report full year sales of $38.22 million for the current year, with estimates ranging from $140.00 million to $143.80 million. For the next fiscal year, analysts forecast that the business will report sales of $184.97 million per share, with estimates ranging from $171.00 million to $202.88 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Foundation Medicine.
Foundation Medicine (NASDAQ:FMI) last posted its quarterly earnings data 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 return on equity of 109.63% and a negative net margin of 131.79%. The firm had revenue of $35 million for the quarter, compared to analysts’ expectations of $34.94 million. During the same quarter in the previous year, the firm posted ($0.84) earnings per share. The company’s revenue for the quarter was up 23.9% on a year-over-year basis.
FMI has been the topic of a number of research 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 report on Monday, May 15th. ValuEngine upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub downgraded shares of Foundation Medicine from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.50.
Foundation Medicine (NASDAQ:FMI) opened at 38.15 on Wednesday. Foundation Medicine has a 52-week low of $17.10 and a 52-week high of $43.15. The firm’s 50-day moving average is $37.85 and its 200 day moving average is $34.52. The stock’s market capitalization is $1.37 billion.
In other news, insider David Daly sold 6,316 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $38.84, for a total value of $245,313.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Krishna Yeshwant sold 4,800 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $40.01, for a total transaction of $192,048.00. Following the completion of the sale, the director now owns 5,786 shares of the company’s stock, valued at approximately $231,497.86. The disclosure for this sale can be found here. Insiders have sold a total of 188,680 shares of company stock valued at $7,367,362 in the last 90 days. 2.70% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of FMI. EAM Investors LLC purchased a new stake in Foundation Medicine during the first quarter valued at about $732,000. Gilder Gagnon Howe & Co. LLC raised its stake in Foundation Medicine by 0.5% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 1,610,865 shares of the company’s stock valued at $51,950,000 after buying an additional 7,347 shares during the last quarter. Teachers Advisors LLC raised its stake in Foundation Medicine by 12.4% in the fourth quarter. Teachers Advisors LLC now owns 23,071 shares of the company’s stock valued at $408,000 after buying an additional 2,538 shares during the last quarter. Creative Planning raised its stake 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. Finally, Adalta Capital Management LLC purchased a new stake in Foundation Medicine during the first quarter valued at about $4,056,000. Hedge funds and other institutional investors own 30.89% of the company’s stock.
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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. 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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