Foundation Medicine (FMI) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 3,648,679 to 3,597,437 shares, with 16 days to go before the expiry. The short open interest has decreased by -1.4%, amounting to a reduction of -51,242 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 28.8% of the float of the company. The average daily volume of the stock is 220,187 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Foundation Medicine (NASDAQ:FMI): The stock opened at $23.11 on Wednesday but the bulls could not build on the opening and the stock topped out at $23.35 for the day. The stock traded down to $21.22 during the day, due to lack of any buying support eventually closed down at $21.56 with a loss of -7.15% for the day. The stock had closed at $23.22 on the previous day. The total traded volume was 231,787 shares.
In a related news,The officer (President & COO) of Foundation Medicine, Inc., Kafka Steven J. sold 10,000 shares at $24.16 on August 5, 2016. The Insider selling transaction had a total value worth of $241,600. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
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. Its platform includes methods and algorithms for analyzing specimens across various types of cancer and for incorporating that information. Its products provide genomic information about each patients individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted oncology therapies. Its clinical products, FoundationOne for solid tumors and FoundationOne Heme for blood-based cancers or hematologic malignancies, including leukemia, lymphoma, myeloma and various sarcomas and pediatric cancers, are available comprehensive genomic profiles designed for use in the routine care of patients with cancer. Its brands also include Once. And for All and The Molecular Information Company.