Foundation Medicine (FMI) Stock Price Down 11.6%

Foundation Medicine (NASDAQ:FMI) shares traded down 11.6% on Monday . The company traded as low as $70.10 and last traded at $70.90. 750,467 shares changed hands during mid-day trading, an increase of 133% from the average session volume of 322,643 shares. The stock had previously closed at $80.20.

A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Foundation Medicine from a “buy” rating to a “sell” rating in a research note on Wednesday, January 3rd. Goldman Sachs assumed coverage on shares of Foundation Medicine in a research note on Monday, January 29th. They issued a “neutral” rating and a $73.00 target price on the stock. BidaskClub raised shares of Foundation Medicine from a “hold” rating to a “buy” rating in a research note on Thursday, January 25th. Cowen assumed coverage on shares of Foundation Medicine in a research note on Thursday, February 15th. They issued an “outperform” rating and a $90.00 target price on the stock. Finally, Wells Fargo reissued a “market perform” rating and issued a $80.00 target price (up from $67.00) on shares of Foundation Medicine in a research note on Thursday, March 8th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $69.60.

How to Become a New Pot Stock Millionaire

The company has a current ratio of 1.86, a quick ratio of 1.67 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $2,957.92, a price-to-earnings ratio of -15.76 and a beta of -0.13.

Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings results on Wednesday, March 7th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.97) by ($0.08). The firm had revenue of $48.90 million for the quarter, compared to analyst estimates of $48.69 million. Foundation Medicine had a negative return on equity of 207.73% and a negative net margin of 105.60%. The firm’s quarterly revenue was up 69.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.02) EPS. analysts anticipate that Foundation Medicine will post -4.33 EPS for the current year.

In other news, insider Vincent A. Miller sold 14,755 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $65.31, for a total transaction of $963,649.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jason Ryan sold 21,035 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $64.38, for a total transaction of $1,354,233.30. The disclosure for this sale can be found here. Insiders have sold a total of 318,177 shares of company stock valued at $21,904,741 in the last 90 days. Insiders own 2.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in FMI. Bank of New York Mellon Corp increased its holdings in shares of Foundation Medicine by 6.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 65,577 shares of the company’s stock worth $2,636,000 after buying an additional 3,980 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Foundation Medicine by 215.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,786 shares of the company’s stock valued at $393,000 after purchasing an additional 6,686 shares during the last quarter. SG Americas Securities LLC increased its holdings in Foundation Medicine by 36.6% in the 3rd quarter. SG Americas Securities LLC now owns 6,481 shares of the company’s stock valued at $261,000 after purchasing an additional 1,736 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Foundation Medicine by 47.8% in the 3rd quarter. Wells Fargo & Company MN now owns 17,017 shares of the company’s stock valued at $684,000 after purchasing an additional 5,507 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Foundation Medicine by 4.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 63,030 shares of the company’s stock valued at $2,534,000 after purchasing an additional 2,803 shares during the last quarter. Institutional investors and hedge funds own 30.66% of the company’s stock.

WARNING: This article was first published by Week Herald and is the property of of Week Herald. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://weekherald.com/2018/04/16/foundation-medicine-fmi-stock-price-down-11-6.html.

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.

Receive News & Ratings for Foundation Medicine Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foundation Medicine and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply