UBS Raises price Target on Foundation Medicine (FMI) to $22
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UBS reiterated a Neutral rating on Foundation Medicine (NASDAQ: FMI), and raised the price target to $22.00 (from $16.00), following the company's announced expanded Local Coverage Determination.
Analyst Jonathan Groberg commented, "Palmetto, a Medicare contractor, announced last Thursday an expanded Local Coverage Determination (LCD) to include all stage IIIB/IV non-small cell lung cancer (NSCLC) patients. This new policy now provides coverage for comprehensive genomic profiling (CGP) for metastatic NSCLC patients who have not been tested for genomic mutations or who have tested negative for EGFR mutations. This is important for patients as CGP detected alterations may indicate eligibility for targeted treatment or immunotherapy."
Shares of Foundation Medicine closed at $23.60 yesterday.
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