Foundation Medicine (FMI) Raised to Buy at BidaskClub

Foundation Medicine (NASDAQ:FMI) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other brokerages have also weighed in on FMI. Goldman Sachs started coverage on Foundation Medicine in a research report on Monday, January 29th. They issued a “neutral” rating and a $73.00 price objective for the company. ValuEngine upgraded Foundation Medicine from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded Foundation Medicine from a “sell” rating to a “hold” rating in a research report on Thursday, February 8th. Wells Fargo reiterated a “market perform” rating and issued a $80.00 price objective (up from $67.00) on shares of Foundation Medicine in a research report on Thursday, March 8th. Finally, Cowen started coverage on Foundation Medicine in a research report on Thursday, February 15th. They issued an “outperform” rating and a $90.00 price objective for the company. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $77.25.

Shares of Foundation Medicine stock opened at $79.75 on Friday. The company has a market capitalization of $2.86 billion, a P/E ratio of -17.72 and a beta of -0.12. Foundation Medicine has a fifty-two week low of $77.43 and a fifty-two week high of $80.70. The company has a quick ratio of 1.98, a current ratio of 2.27 and a debt-to-equity ratio of 4.76.

Foundation Medicine (NASDAQ:FMI) last issued its quarterly earnings data on Wednesday, May 2nd. The company reported ($1.02) earnings per share for the quarter, topping the consensus estimate of ($1.10) by $0.08. The company had revenue of $52.84 million during the quarter, compared to analyst estimates of $44.99 million. Foundation Medicine had a negative return on equity of 299.63% and a negative net margin of 84.96%. The firm’s revenue for the quarter was up 100.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.31) earnings per share. equities research analysts predict that Foundation Medicine will post -4.33 EPS for the current year.

In other news, insider Vincent A. Miller sold 32,008 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $76.87, for a total transaction of $2,460,454.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Troy Cox sold 2,157 shares of the firm’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $77.10, for a total value of $166,304.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,891 shares of company stock valued at $7,516,306. Company insiders own 2.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FMI. US Bancorp DE boosted its position in shares of Foundation Medicine by 239.8% during the first quarter. US Bancorp DE now owns 1,359 shares of the company’s stock worth $107,000 after buying an additional 959 shares during the period. Silvant Capital Management LLC purchased a new position in shares of Foundation Medicine during the first quarter worth $146,000. Fiduciary Trust Co. purchased a new position in shares of Foundation Medicine during the fourth quarter worth $205,000. Commonwealth Equity Services LLC purchased a new position in Foundation Medicine in the first quarter valued at $212,000. Finally, Aperio Group LLC purchased a new position in Foundation Medicine in the first quarter valued at $219,000. Institutional investors and hedge funds own 30.68% of the company’s stock.

Foundation Medicine Company Profile

Foundation Medicine, Inc provides various molecular information products in the United States. The company's molecular information platform includes proprietary methods and algorithms to analyze specimens across various types of cancer, as well as for incorporating that information into clinical care; and offers genomic insights about each patient's individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted therapies and immunotherapies.

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