Blueprint Medicines (NASDAQ:BPMC) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research note issued to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a $135.00 price target on the biotechnology company’s stock.

BPMC has been the subject of a number of other reports. JPMorgan Chase & Co. initiated coverage on Blueprint Medicines in a research note on Thursday. They set an “overweight” rating and a $126.00 price objective for the company. Wells Fargo & Company decreased their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Barclays lifted their price objective 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. UBS Group initiated coverage on Blueprint Medicines in a research note on Thursday, October 24th. They set a “neutral” rating and a $88.00 price objective for the company. Finally, Wedbush reiterated an “outperform” rating and set a $135.00 target price on shares of Blueprint Medicines in a report on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $122.11.

Blueprint Medicines Trading Down 7.3 %

Shares of NASDAQ BPMC traded down $6.96 during midday trading on Friday, hitting $88.69. The stock had a trading volume of 1,001,074 shares, compared to its average volume of 692,935. The company’s 50-day simple moving average is $89.59 and its 200 day simple moving average is $98.86. The firm has a market cap of $5.63 billion, a P/E ratio of -42.03 and a beta of 0.59. Blueprint Medicines has a fifty-two week low of $62.56 and a fifty-two week high of $121.90. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.32 and a quick ratio of 3.27.

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

Insiders Place Their Bets

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the business’s stock in a transaction that occurred 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 owns 69,070 shares of the company’s stock, valued at $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Blueprint Medicines by 3.2% during the first quarter. Vanguard Group Inc. now owns 6,309,977 shares of the biotechnology company’s stock worth $598,564,000 after buying an additional 195,007 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Blueprint Medicines by 15.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,250,823 shares of the biotechnology company’s stock valued at $592,954,000 after purchasing an additional 821,868 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Blueprint Medicines by 22.5% in the third quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock valued at $366,726,000 after purchasing an additional 729,055 shares during the last quarter. State Street Corp grew its position in shares of Blueprint Medicines by 16.2% in the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after purchasing an additional 385,818 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Blueprint Medicines by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,480,187 shares of the biotechnology company’s stock valued at $136,942,000 after purchasing an additional 20,703 shares during the last quarter.

Blueprint Medicines Company Profile

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.