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 research report sent to investors 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. “

Other research analysts have also issued reports about the stock. William Blair reissued a buy rating on shares of Foundation Medicine in a research note on Monday, April 3rd. Janney Montgomery Scott raised shares of Foundation Medicine from a sell rating to a neutral rating and set a $31.00 price objective on the stock in a research note on Tuesday, March 7th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $27.33.



Foundation Medicine (NASDAQ:FMI) traded up 0.15% during midday trading on Thursday, reaching $32.35. The company’s stock had a trading volume of 116,604 shares. Foundation Medicine has a 52-week low of $15.10 and a 52-week high of $35.30. The firm has a 50-day moving average price of $31.97 and a 200 day moving average price of $24.02. The stock’s market capitalization is $1.15 billion.

Foundation Medicine (NASDAQ:FMI) last issued its earnings results on Wednesday, February 22nd. The company reported ($1.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.96) by $0.06. The company had revenue of $28.80 million for the quarter, compared to the consensus estimate of $29.23 million. Foundation Medicine had a negative return on equity of 42.21% and a negative net margin of 84.67%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.55) earnings per share. Equities research analysts predict that Foundation Medicine will post ($3.95) EPS for the current fiscal year.

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In related news, Director Michael J. Pellini sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $34.30, for a total transaction of $1,372,000.00. Following the transaction, the director now directly owns 353,144 shares of the company’s stock, valued at $12,112,839.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Steven J. Kafka sold 4,405 shares of the firm’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $34.55, for a total transaction of $152,192.75. Following the sale, the chief operating officer now owns 129,038 shares of the company’s stock, valued at approximately $4,458,262.90. The disclosure for this sale can be found here. Insiders have sold 81,214 shares of company stock worth $2,605,785 over the last three months. 2.20% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of FMI. ARK Investment Management LLC bought a new stake in Foundation Medicine during the fourth quarter worth about $5,276,000. Discovery Group I LLC increased its stake in Foundation Medicine by 2.3% in the fourth quarter. Discovery Group I LLC now owns 1,596,818 shares of the company’s stock worth $28,264,000 after buying an additional 36,204 shares during the period. State Street Corp increased its stake in Foundation Medicine by 6.2% in the fourth quarter. State Street Corp now owns 221,817 shares of the company’s stock worth $3,926,000 after buying an additional 12,872 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in Foundation Medicine by 0.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 11,492 shares of the company’s stock worth $203,000 after buying an additional 93 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in Foundation Medicine during the fourth quarter worth about $552,000. Institutional investors and hedge funds 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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