Employees Retirement System of Texas held its stake in shares of Foundation Medicine, Inc. (NASDAQ:FMI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,000 shares of the company’s stock at the end of the 2nd quarter. Employees Retirement System of Texas owned 0.12% of Foundation Medicine worth $1,749,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Legal & General Group Plc lifted its stake in shares of Foundation Medicine by 8.6% during 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 period. American International Group Inc. lifted its stake in shares of Foundation Medicine by 7.1% during the first quarter. American International Group Inc. now owns 8,287 shares of the company’s stock valued at $267,000 after buying an additional 549 shares during the period. Creative Planning lifted its stake in shares of Foundation Medicine by 15.3% during the second quarter. Creative Planning now owns 5,075 shares of the company’s stock valued at $202,000 after buying an additional 675 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Foundation Medicine by 7.0% during the first quarter. Wells Fargo & Company MN now owns 10,579 shares of the company’s stock valued at $341,000 after buying an additional 692 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Foundation Medicine by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 61,597 shares of the company’s stock valued at $2,449,000 after buying an additional 835 shares during the period. 31.84% of the stock is currently owned by institutional investors.
In other Foundation Medicine news, Director Krishna Yeshwant sold 18,072 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $36.85, for a total value of $665,953.20. Following the completion of the transaction, the director now directly owns 5,786 shares in the company, valued at $213,214.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David Daly sold 46,872 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $39.50, for a total transaction of $1,851,444.00. Following the completion of the transaction, the insider now owns 163,133 shares of the company’s stock, valued at $6,443,753.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,557 shares of company stock valued at $4,508,590. Corporate insiders own 2.70% of the company’s stock.
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Foundation Medicine, Inc. (NASDAQ FMI) opened at 44.95 on Friday. Foundation Medicine, Inc. has a 52 week low of $17.10 and a 52 week high of $47.35. The company’s 50 day moving average is $40.63 and its 200 day moving average is $37.82. The stock’s market cap is $1.62 billion.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Tuesday, August 1st. The company reported ($1.24) EPS 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 $35.00 million during the quarter, compared to analyst estimates of $34.94 million. During the same quarter in the previous year, the business earned ($0.84) earnings per share. The business’s quarterly revenue was up 23.9% compared to the same quarter last year. Equities analysts predict that Foundation Medicine, Inc. will post ($4.67) earnings per share for the current year.
FMI has been the topic of several recent analyst reports. BidaskClub downgraded shares of Foundation Medicine from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Zacks Investment Research downgraded shares of Foundation Medicine from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $35.00.
Foundation Medicine 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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