TIAA CREF Investment Management LLC boosted its stake in Foundation Medicine, Inc. (NASDAQ:FMI) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,000 shares of the company’s stock after acquiring an additional 3,490 shares during the period. TIAA CREF Investment Management LLC owned 0.11% of Foundation Medicine worth $1,550,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Cannell Peter B & Co. Inc. purchased a new position in shares of Foundation Medicine in the second quarter worth about $1,093,000. Whittier Trust Co. increased its stake in shares of Foundation Medicine by 3.1% in the second quarter. Whittier Trust Co. now owns 43,338 shares of the company’s stock worth $1,723,000 after purchasing an additional 1,285 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Foundation Medicine by 1.3% in the second quarter. Oppenheimer & Co. Inc. now owns 684,090 shares of the company’s stock worth $27,192,000 after purchasing an additional 9,050 shares in the last quarter. Baillie Gifford & Co. increased its stake in shares of Foundation Medicine by 42.0% in the second quarter. Baillie Gifford & Co. now owns 248,300 shares of the company’s stock worth $9,870,000 after purchasing an additional 73,500 shares in the last quarter. Finally, KCG Holdings Inc. purchased a new position in shares of Foundation Medicine in the first quarter worth about $256,000. 31.85% of the stock is currently owned by institutional investors and hedge funds.
Foundation Medicine, Inc. (NASDAQ FMI) opened at $52.25 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.99 and a current ratio of 2.24. Foundation Medicine, Inc. has a 12 month low of $17.10 and a 12 month high of $52.45.
Foundation Medicine (NASDAQ:FMI) last posted its earnings results on Wednesday, November 1st. The company reported ($0.90) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.16. The firm had revenue of $42.66 million during the quarter, compared to the consensus estimate of $37.99 million. Foundation Medicine had a negative net margin of 119.69% and a negative return on equity of 143.18%. The company’s revenue was up 45.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.90) earnings per share. research analysts forecast that Foundation Medicine, Inc. will post -4.52 EPS for the current fiscal year.
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Several equities analysts have recently weighed in on the stock. BidaskClub upgraded shares of Foundation Medicine from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 8th. Zacks Investment Research downgraded shares of Foundation Medicine from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Foundation Medicine presently has an average rating of “Hold” and an average target price of $35.00.
In related news, SVP Robert W. Hesslein sold 2,165 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $38.80, for a total transaction of $84,002.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jason Ryan sold 1,152 shares of the business’s stock in a transaction that occurred on Thursday, October 12th. The shares were sold at an average price of $45.05, for a total transaction of $51,897.60. The disclosure for this sale can be found here. Insiders sold 101,998 shares of company stock valued at $4,044,502 in the last quarter. Corporate insiders own 2.70% 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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