Zacks Investment Research Upgrades Foundation Medicine Inc (FMI) to Hold

Zacks Investment Research upgraded shares of Foundation Medicine Inc (NASDAQ:FMI) from a sell rating to a hold rating in a report issued on Thursday.

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. “

FMI has been the subject of several other research reports. William Blair restated a buy rating on shares of Foundation Medicine in a research report on Monday, April 3rd. Janney Montgomery Scott upgraded shares of Foundation Medicine from a sell rating to a neutral rating and set a $31.00 price objective for the company in a research report on Tuesday, March 7th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $27.33.

Foundation Medicine (NASDAQ:FMI) opened at 30.45 on Thursday. Foundation Medicine has a 12 month low of $15.10 and a 12 month high of $35.30. The company’s 50-day moving average is $30.37 and its 200 day moving average is $23.63. The firm’s market cap is $1.08 billion.

Foundation Medicine (NASDAQ:FMI) last posted its quarterly earnings data on Wednesday, February 22nd. The company reported ($1.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.96) by $0.06. Foundation Medicine had a negative net margin of 84.67% and a negative return on equity of 42.21%. The business had revenue of $28.80 million for the quarter, compared to the consensus estimate of $29.23 million. During the same quarter last year, the business posted ($0.55) EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities research analysts predict that Foundation Medicine will post ($3.95) earnings per share for the current year.

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In other Foundation Medicine news, COO Steven J. Kafka sold 10,415 shares of the firm’s stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $23.24, for a total value of $242,044.60. Following the completion of the transaction, the chief operating officer now directly owns 146,015 shares in the company, valued at $3,393,388.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jason Ryan sold 1,777 shares of the firm’s stock in a transaction dated Friday, January 13th. The stock was sold at an average price of $19.00, for a total transaction of $33,763.00. Following the completion of the transaction, the chief financial officer now owns 52,980 shares of the company’s stock, valued at $1,006,620. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,083 shares of company stock valued at $2,469,977. Corporate insiders own 2.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning boosted its position in shares of 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. Chevy Chase Trust Holdings Inc. boosted its position in shares of Foundation Medicine by 16.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 1,096,489 shares of the company’s stock valued at $35,362,000 after buying an additional 154,168 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of 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. Metropolitan Life Insurance Co. NY boosted its position in shares of 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, Moloney Securities Asset Management LLC purchased a new position in shares of Foundation Medicine during the fourth quarter valued at approximately $323,000. Institutional investors own 31.44% of the company’s stock.

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. The Company’s segment is the business of delivering molecular information about cancer to its customers. Its products provide genomic information about each patient’s individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted oncology therapies.

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