SA Transcripts • Sun, Nov. 9
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Foundation Medicine Lockup Expiration Could Flood The Market, Depressing Share Price
- The 180-day lockup period, following the September 25, 2013 IPO of Foundation Medicine Inc. will come to an end on March 24.
- The potential, sudden flood of FMI shares available for sale could lead to a temporary decrease in the price of shares, possibly creating a short opportunity for aggressive investors.
- FMI is a commercial-stage medical diagnostic firm that sells diagnostic products to physicians and biopharmaceutical companies.
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Tue, Mar. 25, 12:48 PM
Thu, Mar. 20, 6:08 PM
- Recent IPO Foundation Medicine (FMI) files an S-1 for a $150M public offering of common stock.
- Proceeds to be used to accelerate the growth of domestic operations, targeted growth of international operations, R&D, infrastructure build-out, funding of clinical trials and general corporate purposes.
- 2013 revenues were $29M up 172% from 2012 and up >13x from 2011.
- Operations burned $31M last year up 79% from the previous year.
- Cash and equivalents were $124M at year end.
- The firm's market cap is $1.1B.
- 126 mutual funds have positions.
Tue, Feb. 25, 4:11 PM| Comment!
Dec. 10, 2013, 9:00 AM
- Data presented at ASH shows Foundation Medicine's (FMI) FoundationOne Heme "identified both novel and previously reported clinically actionable genomic alterations in multiple myeloma cases."
- The data "support the clinical utility of FoundationOne Heme" and also serve to validate "the benefit of FMI's comprehensive genomic profiling approach in identifying oncogenic drivers," the company notes. (PR)
Dec. 9, 2013, 5:47 PM
Nov. 15, 2013, 12:45 PM
Oct. 21, 2013, 3:31 PM
- "While we acknowledge the story carries with it several questions (reimbursement, barriers, clinical utility), we believe these issues will resolve over time, and that investors will keep their eyes on the big market opportunity that is high content molecular profiling for cancer therapeutics," Leerink's Dan Leonard says, initiating Foundation Medicine (FMI -3.5%) at Outperform with a $39 price target.
- Leonard says the company is the leader in high content tumor profiling tests, and has only begun to penetrate the market.
- More tepid initiations came today from Goldman (Neutral) and JPMorgan (Neutral)
- Goldman's Isaac Ro likes "FMI's first mover advantage in revolutionizing cancer diagnostics, [but sees] limited near-term outperformance given valuation."
- The stock soared in its September 25 debut
Sep. 25, 2013, 12:06 PM
- Foundation Medicine (FMI +79%) — which markets molecular information-enabled products to physicians and biopharma firms — opens at $31.50, well above its expected range of $14-16. Through June 30, the company had logged sales of $11.1M and incurred an operating loss of $17.1M.
- Evoke Pharma (EVOK -5.8%) — which develops treatments for GI diseases — opens at $11.15, below its expected range of $12-14.
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