Traders Purchase High Volume of Put Options on Foundation Medicine (FMI)

Foundation Medicine, Inc. (NASDAQ:FMI) was the recipient of some unusual options trading on Friday. Investors purchased 1,024 put options on the company. This represents an increase of approximately 1,013% compared to the average daily volume of 92 put options.

In other news, COO Steven J. Kafka sold 3,361 shares of the stock in a transaction on Friday, October 13th. The stock was sold at an average price of $44.62, for a total transaction of $149,967.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jason Ryan sold 3,154 shares of the stock in a transaction on Monday, October 2nd. The stock was 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 sold a total of 30,057 shares of company stock valued at $1,301,960 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of FMI. Legal & General Group Plc grew its position in shares of Foundation Medicine by 8.6% in the 2nd quarter. Legal & General Group Plc now owns 3,442 shares of the company’s stock worth $138,000 after buying an additional 274 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Foundation Medicine by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,747 shares of the company’s stock worth $467,000 after buying an additional 341 shares during the last quarter. Creative Planning grew its position in shares of Foundation Medicine by 15.3% in the 2nd quarter. Creative Planning now owns 5,075 shares of the company’s stock worth $202,000 after buying an additional 675 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Foundation Medicine by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 61,597 shares of the company’s stock worth $2,449,000 after buying an additional 835 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Foundation Medicine by 8.8% in the 2nd quarter. Wells Fargo & Company MN now owns 11,510 shares of the company’s stock worth $458,000 after buying an additional 931 shares during the last quarter. Institutional investors and hedge funds own 33.44% of the company’s stock.

Several brokerages have commented on FMI. Zacks Investment Research upgraded Foundation Medicine from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Monday, November 6th. BidaskClub upgraded Foundation Medicine from a “hold” rating to a “buy” rating in a research note on Saturday, September 9th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $43.00.

Foundation Medicine (NASDAQ:FMI) opened at $62.60 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.03 and a current ratio of 2.24. Foundation Medicine has a 1-year low of $17.10 and a 1-year high of $67.40.

Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings data on Wednesday, November 1st. The company reported ($0.90) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.06) by $0.16. Foundation Medicine had a negative return on equity of 143.18% and a negative net margin of 119.69%. The company had revenue of $42.66 million for the quarter, compared to analysts’ expectations of $37.99 million. During the same period last year, the firm posted ($0.90) EPS. Foundation Medicine’s revenue for the quarter was up 45.0% compared to the same quarter last year. equities research analysts predict that Foundation Medicine will post -4.43 earnings per share for the current year.

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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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