Peregrine Capital Management LLC Buys New Stake in Foundation Medicine, Inc. (FMI)
Peregrine Capital Management LLC acquired a new stake in Foundation Medicine, Inc. (NASDAQ:FMI) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 330,821 shares of the company’s stock, valued at approximately $13,299,000. Peregrine Capital Management LLC owned about 0.92% of Foundation Medicine at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Cannell Peter B & Co. Inc. acquired a new position in shares of Foundation Medicine in the second quarter valued at approximately $1,093,000. Whittier Trust Co. raised its position in shares of Foundation Medicine by 3.1% in the second quarter. Whittier Trust Co. now owns 43,338 shares of the company’s stock valued at $1,723,000 after buying an additional 1,285 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Foundation Medicine by 1.3% in the second quarter. Oppenheimer & Co. Inc. now owns 684,090 shares of the company’s stock valued at $27,192,000 after buying an additional 9,050 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Foundation Medicine by 42.0% in the second quarter. Baillie Gifford & Co. now owns 248,300 shares of the company’s stock valued at $9,870,000 after buying an additional 73,500 shares during the last quarter. Finally, KCG Holdings Inc. acquired a new position in shares of Foundation Medicine in the first quarter valued at approximately $256,000. 31.85% of the stock is owned by institutional investors and hedge funds.
Foundation Medicine, Inc. (FMI) opened at 45.00 on Wednesday. The company’s 50-day moving average is $41.59 and its 200 day moving average is $38.87. Foundation Medicine, Inc. has a 12 month low of $17.10 and a 12 month high of $47.35. The firm’s market cap is $1.62 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 return on equity of 109.63% and a negative net margin of 131.79%. The firm had revenue of $35.00 million during the quarter, compared to analyst estimates of $34.94 million. During the same quarter in the previous year, the business earned ($0.84) earnings per share. The business’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, equities research analysts predict that Foundation Medicine, Inc. will post ($4.67) earnings per share for the current year.
In other news, insider Vincent A. Miller sold 2,944 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $38.80, for a total value of $114,227.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Steven J. Kafka sold 3,201 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $38.80, for a total transaction of $124,198.80. 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 three months. 2.70% of the stock is owned by insiders.
A number of research firms have recently weighed in on FMI. Zacks Investment Research raised shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research report on Tuesday, October 10th. BidaskClub lowered shares of Foundation Medicine from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Foundation Medicine has a consensus rating of “Hold” and an average target price of $35.00.
Foundation Medicine 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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