Up on a down open. Only news I see:
https://seekingalpha.com/news/3327974-bristol-myers-opdivo-y…
The trial is assessing the combo in a first-line setting in NSCLC patients whose tumors have high tumor mutation burden (TMB) regardless of PD-L1 expression. TMB is being evaluated using Foundation Medicine’s (NASDAQ:FMI) FoundationOne CDx assay.
Rob
I am not familiar with Cowen & Co., but they initiated coverage on FMI with an “Outperform” rating and a price target of $90. I figure there are some others here besides me that have been following FMI (or even invested in it) subsequent to bulwnkl bringing it here to the board.
Link to a list of FMI ratings (most of these are quite old):
https://www.benzinga.com/stock/fmi/ratings
A more detailed follow-up on this initiation.
Schenkel cited four reaons for his bullish take on Foundation Medicine’s fundamentals:
A first-mover advantage in the oncology comprehensive genetic testing space, boasting a more integrated offering than most competitors.
F1 CDx’s unique FDA as well as CMS approval provides its an edge over competition.
A strong genetic database built on the back of robust test volumes.
A comprehensive genetic database that’s gaining value due to its appeal to biopharma companies.
Then later (sounding awfully similar to what bulwnkl had posted):
"The virtuous cycle of more tests, partnerships, and knowledge [and Roche Holding Ltd. (ADR)
RHHBY 1.16%] positions FMI for material upside from here," the analyst said.
Schenkel named the following upcoming catalysts for Foundation Medicine:
A finalized NCD decision and CPT pricing determination.
Private payer coverage decisions.
New biopharma partnerships and trial readouts.
Quarterly earnings.
https://www.benzinga.com/analyst-ratings/analyst-color/18/02…
Foundation Medicine (FMI) has had a nice couple days. Not sure if this analyst upgrade had much to do with it, but the upgrade certainly didn’t hurt matters.
https://www.benzinga.com/analyst-ratings/analyst-color/18/02…
I’d like to thank bulwnkl again for bringing Foundation Medicine to the board.
With these past few days of FMI doing well…I am not too far from “breaking even”/having a flat day…even with Arista Networks and their now 18+% drop as an 11% position.