Foundation Medicine (FMI) Upgraded to Buy at Zacks Investment Research
Foundation Medicine (NASDAQ:FMI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $66.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 13.21% from the company’s current price.
According to Zacks, “Foundation Medicine, Inc. provides molecular information products primarily in the United States. The company offers FoundationOne(TM) a molecular information product for the analysis of routine cancer specimens in a clinical setting. Its molecular information platform generates actionable genomic information about a patient’s individual disease, enabling physicians to optimize treatments in clinical practice, and enabling biopharmaceutical companies to develop targeted oncology therapies. Foundation Medicine, Inc. is based in Cambridge, Massachusetts. “
Separately, BidaskClub upgraded Foundation Medicine from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 8th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Foundation Medicine currently has an average rating of “Buy” and a consensus target price of $45.33.
Foundation Medicine (NASDAQ:FMI) last issued its earnings results on Wednesday, November 1st. The company reported ($0.90) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.06) by $0.16. The company had revenue of $42.66 million during the quarter, compared to analyst estimates of $37.99 million. Foundation Medicine had a negative return on equity of 143.18% and a negative net margin of 119.69%. The firm’s quarterly revenue was up 45.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.90) EPS. analysts forecast that Foundation Medicine will post -4.43 EPS for the current fiscal year.
In other Foundation Medicine news, CFO Jason Ryan sold 9,731 shares of Foundation Medicine stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $50.00, for a total transaction of $486,550.00. Following the completion of the transaction, the chief financial officer now owns 52,601 shares in the company, valued at approximately $2,630,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert W. Hesslein sold 2,165 shares of Foundation Medicine stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $38.80, for a total value of $84,002.00. The disclosure for this sale can be found here. Insiders have sold a total of 30,057 shares of company stock valued at $1,301,960 in the last quarter. Company insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Peregrine Capital Management LLC purchased a new position in shares of Foundation Medicine during the 3rd quarter valued at about $13,299,000. Vanguard Group Inc. raised its stake in shares of Foundation Medicine by 8.2% during the 2nd quarter. Vanguard Group Inc. now owns 631,339 shares of the company’s stock valued at $25,096,000 after buying an additional 47,843 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Foundation Medicine by 9.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 39,000 shares of the company’s stock valued at $1,550,000 after buying an additional 3,490 shares during the last quarter. Northern Trust Corp raised its stake in shares of Foundation Medicine by 7.4% during the 2nd quarter. Northern Trust Corp now owns 187,714 shares of the company’s stock valued at $7,462,000 after buying an additional 12,881 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. acquired a new stake in shares of Foundation Medicine during the 2nd quarter valued at about $1,093,000. Institutional investors and hedge funds own 33.44% of the company’s stock.
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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