Zacks Investment Research Downgrades Foundation Medicine, Inc. (FMI) to Hold

Zacks Investment Research cut shares of Foundation Medicine, Inc. (NASDAQ:FMI) from a buy rating to a hold rating in a research note issued to investors on Tuesday, November 7th.

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. “

Separately, BidaskClub raised Foundation Medicine from a hold rating to a buy rating in a report on Saturday, September 9th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $43.00.

Foundation Medicine (FMI) traded down $0.65 during trading hours on Tuesday, reaching $49.40. The company’s stock had a trading volume of 73,995 shares, compared to its average volume of 160,333. 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 52 week low of $17.10 and a 52 week high of $55.95.

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

In other news, CFO Jason Ryan sold 3,154 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $38.80, for a total transaction of $122,375.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Steven J. Kafka sold 3,201 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $38.80, for a total value of $124,198.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,057 shares of company stock worth $1,301,960. 2.70% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fiduciary Trust Co. acquired a new stake in shares of Foundation Medicine in the second quarter worth $119,000. Legal & General Group Plc boosted its position in Foundation Medicine by 8.6% during the second quarter. Legal & General Group Plc now owns 3,442 shares of the company’s stock valued at $138,000 after purchasing an additional 274 shares during the last quarter. Bank of America Corp DE boosted its position in Foundation Medicine by 65.8% during the first quarter. Bank of America Corp DE now owns 6,180 shares of the company’s stock valued at $200,000 after purchasing an additional 2,452 shares during the last quarter. Creative Planning boosted its position in Foundation Medicine by 15.3% during the second quarter. Creative Planning now owns 5,075 shares of the company’s stock valued at $202,000 after purchasing an additional 675 shares during the last quarter. Finally, KCG Holdings Inc. acquired a new stake in Foundation Medicine during the first quarter valued at $256,000. 33.04% of the stock is owned by institutional investors and hedge funds.

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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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