Foundation Medicine (NASDAQ:FMI) Upgraded to “Strong-Buy” by BidaskClub

Foundation Medicine (NASDAQ:FMI) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Thursday, May 31st.

Other research analysts have also recently issued reports about the company. ValuEngine raised Foundation Medicine from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Wells Fargo & Co reiterated a “market perform” rating and set a $80.00 target price (up from $67.00) on shares of Foundation Medicine in a report on Thursday, March 8th. Zacks Investment Research lowered shares of Foundation Medicine from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Finally, Cowen began coverage on shares of Foundation Medicine in a report on Thursday, February 15th. They set an “outperform” rating and a $90.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $77.25.

Shares of Foundation Medicine stock traded up $3.05 during trading on Thursday, hitting $106.45. The stock had a trading volume of 293,199 shares, compared to its average volume of 314,425. The stock has a market cap of $3.66 billion, a P/E ratio of -23.66 and a beta of -0.04. Foundation Medicine has a 12 month low of $31.70 and a 12 month high of $109.30. The company has a debt-to-equity ratio of 4.76, a quick ratio of 1.98 and a current ratio of 2.27.

Foundation Medicine (NASDAQ:FMI) last released its quarterly earnings results on Wednesday, May 2nd. The company reported ($1.02) earnings per share for the quarter, topping the consensus estimate of ($1.10) by $0.08. The firm had revenue of $52.84 million for the quarter, compared to analysts’ expectations of $44.99 million. Foundation Medicine had a negative net margin of 84.96% and a negative return on equity of 299.63%. The business’s quarterly revenue was up 100.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.31) earnings per share. sell-side analysts predict that Foundation Medicine will post -4.32 earnings per share for the current year.

In related news, Director Michael J. Pellini sold 13,659 shares of the firm’s stock in a transaction that occurred on Tuesday, April 3rd. The shares were sold at an average price of $70.28, for a total transaction of $959,954.52. Following the completion of the sale, the director now owns 114,211 shares of the company’s stock, valued at $8,026,749.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Troy Cox sold 7,063 shares of the firm’s stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $70.01, for a total transaction of $494,480.63. Following the sale, the chief executive officer now directly owns 245,627 shares of the company’s stock, valued at approximately $17,196,346.27. The disclosure for this sale can be found here. Insiders have sold 50,953 shares of company stock valued at $3,741,386 in the last ninety days. Insiders own 3.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning bought a new stake in Foundation Medicine in the 4th quarter worth approximately $599,000. Schwab Charles Investment Management Inc. grew its position in Foundation Medicine by 10.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 69,504 shares of the company’s stock worth $4,741,000 after purchasing an additional 6,474 shares during the period. Fiduciary Trust Co. bought a new stake in Foundation Medicine in the 4th quarter worth approximately $205,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Foundation Medicine by 8.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,378 shares of the company’s stock worth $708,000 after purchasing an additional 800 shares during the period. Finally, Teacher Retirement System of Texas bought a new stake in Foundation Medicine in the 4th quarter worth approximately $336,000. 33.47% of the stock is owned by institutional investors.

About Foundation Medicine

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.

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