IFP Advisors Inc lowered its stake in shares of Foundation Medicine, Inc. (NASDAQ:FMI) by 24.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,625 shares of the company’s stock after selling 2,755 shares during the period. IFP Advisors Inc’s holdings in Foundation Medicine were worth $347,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in FMI. Baillie Gifford & Co. lifted its holdings in shares of Foundation Medicine by 3.0% in the third quarter. Baillie Gifford & Co. now owns 255,790 shares of the company’s stock valued at $10,283,000 after purchasing an additional 7,490 shares in the last quarter. Peregrine Capital Management LLC purchased a new stake in shares of Foundation Medicine in the third quarter valued at about $13,299,000. Lord Abbett & CO. LLC lifted its holdings in shares of Foundation Medicine by 146.0% in the second quarter. Lord Abbett & CO. LLC now owns 579,225 shares of the company’s stock valued at $23,024,000 after purchasing an additional 343,770 shares in the last quarter. Adalta Capital Management LLC lifted its holdings in shares of Foundation Medicine by 4.6% in the second quarter. Adalta Capital Management LLC now owns 131,480 shares of the company’s stock valued at $5,227,000 after purchasing an additional 5,725 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Foundation Medicine by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 11,747 shares of the company’s stock valued at $467,000 after buying an additional 341 shares during the period. 33.04% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Foundation Medicine, Inc. (NASDAQ FMI) traded down $1.15 during mid-day trading on Wednesday, reaching $50.05. 80,354 shares of the company traded hands, compared to its average volume of 219,447. Foundation Medicine, Inc. has a 1 year low of $17.10 and a 1 year high of $55.95. The company has a quick ratio of 2.03, a current ratio of 2.24 and a debt-to-equity ratio of 0.47.
Foundation Medicine (NASDAQ:FMI) last released its quarterly earnings data on Wednesday, November 1st. The company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.16. Foundation Medicine had a negative net margin of 119.69% and a negative return on equity of 143.18%. The company had revenue of $42.66 million during the quarter, compared to analyst estimates of $37.99 million. During the same quarter in the prior year, the business earned ($0.90) earnings per share. The business’s quarterly revenue was up 45.0% compared to the same quarter last year. research analysts anticipate that Foundation Medicine, Inc. will post -4.43 EPS for the current year.
In related news, CFO Jason Ryan sold 9,731 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $50.00, for a total transaction of $486,550.00. Following the completion of the sale, the chief financial officer now directly owns 52,601 shares of the company’s stock, valued at approximately $2,630,050. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael J. Pellini sold 4,349 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $38.80, for a total transaction of $168,741.20. The disclosure for this sale can be found here. Insiders sold 30,057 shares of company stock valued at $1,301,960 in the last three months. Company insiders own 2.70% of the company’s stock.
Several brokerages recently issued reports on FMI. BidaskClub raised shares of Foundation Medicine from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 8th. Zacks Investment Research downgraded shares of Foundation Medicine from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $43.00.
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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