Wedbush Reaffirms Outperform Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They presently have a $135.00 target price on the biotechnology company’s stock. Wedbush’s price objective would suggest a potential upside of 41.14% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $135.00 price target on shares of Blueprint Medicines in a research note on Thursday, October 31st. Robert W. Baird lifted their price target on Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Barclays lifted their price target on Blueprint Medicines from $75.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Baird R W raised Blueprint Medicines to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, Wells Fargo & Company decreased their price target on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Blueprint Medicines currently has an average rating of “Moderate Buy” and an average target price of $122.00.

Blueprint Medicines Price Performance

Shares of BPMC traded down $1.23 during trading hours on Thursday, reaching $95.65. 471,836 shares of the company’s stock traded hands, compared to its average volume of 691,540. The stock has a market cap of $6.08 billion, a PE ratio of -45.33 and a beta of 0.59. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. Blueprint Medicines has a 12 month low of $62.56 and a 12 month high of $121.90. The firm’s 50 day simple moving average is $89.46 and its 200-day simple moving average is $98.91.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.08. The company had revenue of $128.20 million for the quarter, compared to analysts’ expectations of $127.56 million. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. Blueprint Medicines’s revenue for the quarter was up 126.5% compared to the same quarter last year. During the same period last year, the firm posted ($2.20) EPS. Equities analysts expect that Blueprint Medicines will post -3.61 EPS for the current year.

Insider Activity at Blueprint Medicines

In other news, insider Fouad Namouni sold 3,633 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total transaction of $324,499.56. Following the transaction, the insider now directly owns 69,070 shares of the company’s stock, valued at $6,169,332.40. This represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Eventide Asset Management LLC lifted its holdings in shares of Blueprint Medicines by 50.5% during the third quarter. Eventide Asset Management LLC now owns 348,704 shares of the biotechnology company’s stock valued at $32,255,000 after purchasing an additional 117,019 shares in the last quarter. Verition Fund Management LLC lifted its holdings in shares of Blueprint Medicines by 77.5% during the third quarter. Verition Fund Management LLC now owns 9,759 shares of the biotechnology company’s stock valued at $903,000 after purchasing an additional 4,260 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Blueprint Medicines by 3.4% during the third quarter. Captrust Financial Advisors now owns 17,904 shares of the biotechnology company’s stock valued at $1,656,000 after purchasing an additional 582 shares in the last quarter. Martingale Asset Management L P lifted its holdings in shares of Blueprint Medicines by 7.6% during the third quarter. Martingale Asset Management L P now owns 15,603 shares of the biotechnology company’s stock valued at $1,443,000 after purchasing an additional 1,098 shares in the last quarter. Finally, Ally Bridge Group NY LLC increased its position in Blueprint Medicines by 40.2% during the third quarter. Ally Bridge Group NY LLC now owns 106,080 shares of the biotechnology company’s stock valued at $9,812,000 after acquiring an additional 30,442 shares during the last quarter.

About Blueprint Medicines

Blueprint Medicines Corporation, a precision therapy company, develops medicines for genomically defined cancers and blood disorders in the United States and internationally. The company is developing AYVAKIT for the treatment of systemic mastocytosis (SM) and gastrointestinal stromal tumors; BLU-263, an orally available, potent, and KIT inhibitor for the treatment of indolent SM, and other mast cell disorders.