Foundation Medicine (NASDAQ:FMI) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Thursday, May 31st.
A number of other analysts also recently weighed in on FMI. ValuEngine upgraded shares of Foundation Medicine from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research upgraded shares of Foundation Medicine from a “sell” rating to a “hold” rating in a report on Thursday, February 8th. Wells Fargo & Co restated a “market perform” rating and issued a $80.00 target price (up from $67.00) on shares of Foundation Medicine in a report on Thursday, March 8th. Finally, Cowen initiated coverage on shares of Foundation Medicine in a report on Thursday, February 15th. They issued an “outperform” rating and a $90.00 target price on the stock. Three analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $77.25.
Foundation Medicine traded up $3.05, reaching $106.45, on Thursday, according to MarketBeat. The company had a trading volume of 293,199 shares, compared to its average volume of 314,425. The company has a debt-to-equity ratio of 4.76, a quick ratio of 1.98 and a current ratio of 2.27. The company has a market cap of $3.66 billion, a P/E ratio of -23.66 and a beta of -0.04. Foundation Medicine has a 12 month low of $31.70 and a 12 month high of $109.30.
Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings results on Wednesday, May 2nd. The company reported ($1.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.10) by $0.08. The company had revenue of $52.84 million for the quarter, compared to the consensus estimate of $44.99 million. Foundation Medicine had a negative net margin of 84.96% and a negative return on equity of 299.63%. Foundation Medicine’s revenue for the quarter was up 100.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.31) EPS. analysts forecast that Foundation Medicine will post -4.32 EPS for the current fiscal year.
In related news, insider Vincent A. Miller sold 1,570 shares of Foundation Medicine stock in a transaction dated Monday, May 21st. The shares were sold at an average price of $85.00, for a total transaction of $133,450.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Pellini sold 13,659 shares of Foundation Medicine stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $70.28, for a total transaction of $959,954.52. Following the transaction, the director now directly owns 114,211 shares of the company’s stock, valued at $8,026,749.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,953 shares of company stock worth $3,741,386. Insiders own 3.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in FMI. US Bancorp DE boosted its stake in shares of Foundation Medicine by 239.8% during the 1st quarter. US Bancorp DE now owns 1,359 shares of the company’s stock worth $107,000 after purchasing an additional 959 shares during the period. Silvant Capital Management LLC purchased a new stake in Foundation Medicine in the 1st quarter valued at about $146,000. Fiduciary Trust Co. purchased a new stake in Foundation Medicine in the 4th quarter valued at about $205,000. Commonwealth Equity Services LLC purchased a new stake in Foundation Medicine in the 1st quarter valued at about $212,000. Finally, Aperio Group LLC purchased a new stake in Foundation Medicine in the 1st quarter valued at about $219,000. 33.47% of the stock is owned by hedge funds and other institutional investors.
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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