Platinum Investment Management Ltd. trimmed its position in Foundation Medicine, Inc. (NASDAQ:FMI) by 6.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 90,700 shares of the company’s stock after selling 6,600 shares during the quarter. Platinum Investment Management Ltd. owned approximately 0.25% of Foundation Medicine worth $3,605,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Alliancebernstein L.P. raised its holdings in Foundation Medicine by 38.7% in the 1st quarter. Alliancebernstein L.P. now owns 788,860 shares of the company’s stock valued at $25,441,000 after acquiring an additional 220,236 shares during the period. Oppenheimer & Co. Inc. grew its position in shares of Foundation Medicine by 1.3% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 684,090 shares of the company’s stock worth $27,192,000 after purchasing an additional 9,050 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Foundation Medicine by 8.2% during the 2nd quarter. Vanguard Group Inc. now owns 631,339 shares of the company’s stock worth $25,096,000 after purchasing an additional 47,843 shares in the last quarter. State Street Corp grew its position in shares of Foundation Medicine by 124.2% during the 2nd quarter. State Street Corp now owns 526,775 shares of the company’s stock worth $20,947,000 after purchasing an additional 291,815 shares in the last quarter. Finally, Pioneer Investment Management Inc. grew its position in shares of Foundation Medicine by 13.6% during the 2nd quarter. Pioneer Investment Management Inc. now owns 369,957 shares of the company’s stock worth $14,706,000 after purchasing an additional 44,315 shares in the last quarter. 31.84% of the stock is currently owned by institutional investors.
In other news, CFO Jason Ryan sold 1,152 shares of the company’s stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $45.05, for a total transaction of $51,897.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Krishna Yeshwant sold 18,072 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $36.85, for a total transaction of $665,953.20. Following the transaction, the director now owns 5,786 shares in the company, valued at approximately $213,214.10. The disclosure for this sale can be found here. Insiders sold 120,070 shares of company stock valued at $4,710,455 over the last quarter. 2.70% of the stock is currently owned by corporate insiders.
A number of research analysts have issued reports on the stock. BidaskClub upgraded shares of Foundation Medicine from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 8th. Zacks Investment Research lowered shares of Foundation Medicine from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Foundation Medicine currently has a consensus rating of “Hold” and a consensus target price of $35.00.
Shares of Foundation Medicine, Inc. (NASDAQ FMI) traded down 2.93% during mid-day trading on Tuesday, reaching $43.10. 68,573 shares of the company’s stock were exchanged. The firm’s market cap is $1.55 billion. Foundation Medicine, Inc. has a 52-week low of $17.10 and a 52-week high of $47.35. The company has a 50 day moving average price of $40.88 and a 200 day moving average price of $37.96.
Foundation Medicine (NASDAQ:FMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.08) by ($0.16). The firm had revenue of $35.00 million during the quarter, compared to the consensus estimate of $34.94 million. Foundation Medicine had a negative net margin of 131.79% and a negative return on equity of 109.63%. The business’s revenue was up 23.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.84) earnings per share. Analysts forecast that Foundation Medicine, Inc. will post ($4.67) earnings per share for the current fiscal year.
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. 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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