Foundation Medicine Inc. (NASDAQ:FMI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
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. “
Several large investors have modified their holdings of FMI. Bessemer Group Inc. increased its stake in shares of Foundation Medicine by 7.8% in the first quarter. Bessemer Group Inc. now owns 7,250 shares of the company’s stock worth $132,000 after buying an additional 525 shares in the last quarter. UBS Group AG increased its stake in shares of Foundation Medicine by 125.2% in the first quarter. UBS Group AG now owns 13,652 shares of the company’s stock worth $249,000 after buying an additional 7,590 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Foundation Medicine by 12.1% in the first quarter. Goldman Sachs Group Inc. now owns 16,912 shares of the company’s stock worth $307,000 after buying an additional 1,820 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Foundation Medicine by 2.0% in the first quarter. Geode Capital Management LLC now owns 99,571 shares of the company’s stock worth $1,810,000 after buying an additional 1,919 shares in the last quarter. Finally, Murphy Michael R increased its stake in shares of Foundation Medicine by 9.3% in the first quarter. Murphy Michael R now owns 1,558,392 shares of the company’s stock worth $28,332,000 after buying an additional 132,029 shares in the last quarter.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Tuesday, May 3rd. The company reported ($0.50) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.72) by $0.22. The firm had revenue of $30.40 million for the quarter, compared to the consensus estimate of $25.20 million. Foundation Medicine’s revenue for the quarter was up 57.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.59) EPS. On average, analysts expect that Foundation Medicine will post ($2.99) EPS for the current year.
Separately, Leerink Swann reiterated a “hold” rating on shares of Foundation Medicine in a research note on Wednesday, May 4th. Nine investment analysts have rated the stock with a hold rating, Foundation Medicine has a consensus rating of “Hold” and an average target price of $20.00.
In other Foundation Medicine news, SVP Robert W. Hesslein sold 4,705 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $17.62, for a total value of $82,902.10. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David Daly sold 5,008 shares of the firm’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $17.76, for a total value of $88,942.08. The disclosure for this sale can be found here.
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.
