FMI downgraded by Wells Fargo:
7:26 EDT - Foundation Medicine's (FMI) first-ever analyst gathering didn't go over well yesterday as shares dropped 5.8% after having rebounded roughly 25% the past month. Wells Fargo was among those who didn't hear what they wanted from the medical-testing firm, and it downgrades FMI to market perform while cutting its valuation range to $25-27 from $35-40 . "Unfortunately, the company was not able to offer meaningfully improved visibility on broader reimbursement and revenue progression. We think slow reimbursement, as well as the long slog of physician education, are likely to limit upside potential in the near-term." FMI closed at $24.19 and has been halved the past 5 months to nearly reverse the surge seen after Roche (ROG.VX) in January agreed to potentially buy majority control at $50 /share. (kevin.kingsbury@ wsj.com; @kevinkingsbury)
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