Foundation Medicine, Inc. (FMI) Given Average Rating of “Hold” by Analysts
Foundation Medicine, Inc. (NASDAQ:FMI) has earned an average recommendation of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $35.00.
FMI has been the subject of several recent analyst reports. BidaskClub cut Foundation Medicine from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Zacks Investment Research raised Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Tuesday, October 10th.
Shares of Foundation Medicine (FMI) opened at 41.65 on Friday. The firm has a 50-day moving average price of $41.36 and a 200-day moving average price of $38.52. Foundation Medicine has a 12-month low of $17.10 and a 12-month high of $47.35. The firm’s market cap is $1.50 billion.
Foundation Medicine (NASDAQ:FMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $35.00 million during the quarter, compared to the consensus estimate of $34.94 million. During the same period in the previous year, the company posted ($0.84) EPS. The company’s revenue for the quarter was up 23.9% compared to the same quarter last year. On average, equities research analysts expect that Foundation Medicine will post ($4.67) earnings per share for the current fiscal year.
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In related news, Director Krishna Yeshwant sold 18,072 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $36.85, for a total transaction of $665,953.20. Following the completion of the transaction, the director now owns 5,786 shares of the company’s stock, valued at $213,214.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason Ryan sold 3,154 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $38.80, for a total value of $122,375.20. The disclosure for this sale can be found here. Insiders have sold 120,070 shares of company stock valued at $4,710,455 in the last ninety days. Company insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its holdings in shares of Foundation Medicine by 1.3% during the second quarter. Oppenheimer & Co. Inc. now owns 684,090 shares of the company’s stock valued at $27,192,000 after purchasing an additional 9,050 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Foundation Medicine by 8.2% during the second quarter. Vanguard Group Inc. now owns 631,339 shares of the company’s stock valued at $25,096,000 after purchasing an additional 47,843 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of Foundation Medicine by 146.0% during the second quarter. Lord Abbett & CO. LLC now owns 579,225 shares of the company’s stock valued at $23,024,000 after purchasing an additional 343,770 shares during the last quarter. State Street Corp lifted its holdings in shares of Foundation Medicine by 124.2% during the second quarter. State Street Corp now owns 526,775 shares of the company’s stock valued at $20,947,000 after purchasing an additional 291,815 shares during the last quarter. Finally, Pioneer Investment Management Inc. lifted its holdings in shares of Foundation Medicine by 13.6% during the second quarter. Pioneer Investment Management Inc. now owns 369,957 shares of the company’s stock valued at $14,706,000 after purchasing an additional 44,315 shares during the last quarter. 31.82% of the stock is owned by institutional investors and hedge funds.
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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