ARK Investment Management LLC boosted its position in Foundation Medicine, Inc. (NASDAQ:FMI) by 6.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 275,321 shares of the company’s stock after purchasing an additional 16,413 shares during the quarter. Foundation Medicine comprises about 2.1% of ARK Investment Management LLC’s holdings, making the stock its 17th largest position. ARK Investment Management LLC owned 0.76% of Foundation Medicine worth $10,944,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. EAM Investors LLC acquired a new position in Foundation Medicine in the 1st quarter valued at about $732,000. Teachers Advisors LLC raised its stake in Foundation Medicine by 12.4% in the 4th quarter. Teachers Advisors LLC now owns 23,071 shares of the company’s stock valued at $408,000 after purchasing an additional 2,538 shares during the last quarter. Adalta Capital Management LLC acquired a new position in Foundation Medicine in the 1st quarter valued at about $4,056,000. Cannell Peter B & Co. Inc. acquired a new position in Foundation Medicine in the 2nd quarter valued at about $1,093,000. Finally, Whittier Trust Co. raised its stake in Foundation Medicine by 3.1% in the 2nd quarter. Whittier Trust Co. now owns 43,338 shares of the company’s stock valued at $1,723,000 after purchasing an additional 1,285 shares during the last quarter. 31.84% of the stock is owned by hedge funds and other institutional investors.
Shares of Foundation Medicine, Inc. (FMI) traded down 0.1538% on Friday, reaching $38.6405. 11,562 shares of the company traded hands. Foundation Medicine, Inc. has a 52-week low of $17.10 and a 52-week high of $43.15. The firm has a 50-day moving average of $38.81 and a 200-day moving average of $36.81. The company’s market capitalization is $1.39 billion.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Tuesday, August 1st. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.08) by ($0.16). Foundation Medicine had a negative net margin of 131.79% and a negative return on equity of 109.63%. The company had revenue of $35.00 million for the quarter, compared to analysts’ expectations of $34.94 million. During the same period in the prior year, the company earned ($0.84) earnings per share. The company’s revenue for the quarter was up 23.9% on a year-over-year basis. On average, equities research analysts forecast that Foundation Medicine, Inc. will post ($4.64) earnings per share for the current fiscal year.
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In related news, Director Krishna Yeshwant sold 4,800 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $40.01, for a total value of $192,048.00. Following the completion of the sale, the director now directly owns 5,786 shares of the company’s stock, valued at approximately $231,497.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Steven J. Kafka sold 12,310 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $38.98, for a total value of $479,843.80. Following the completion of the sale, the chief operating officer now directly owns 116,728 shares of the company’s stock, valued at $4,550,057.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 182,552 shares of company stock valued at $7,123,185. Company insiders own 2.70% of the company’s stock.
FMI has been the subject of several analyst reports. BidaskClub raised shares of Foundation Medicine from a “hold” rating to a “buy” rating in a research note on Saturday, September 9th. Zacks Investment Research raised shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, ValuEngine raised shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Foundation Medicine has a consensus rating of “Hold” and a consensus price target of $32.00.
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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