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

Wedbush reissued their outperform rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research report report published on Thursday morning,RTT News reports. The firm currently has a $128.00 target price on the biotechnology company’s stock, up from their prior target price of $124.00.

BPMC has been the subject of several other reports. JPMorgan Chase & Co. boosted their price objective on shares of Blueprint Medicines from $126.00 to $129.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Stephens reiterated an “overweight” rating and issued a $140.00 target price on shares of Blueprint Medicines in a report on Thursday, January 2nd. Piper Sandler upped their price target on Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $133.00 price objective on shares of Blueprint Medicines in a research note on Thursday. Finally, Wells Fargo & Company dropped their target price on shares of Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Blueprint Medicines presently has a consensus rating of “Moderate Buy” and an average price target of $123.83.

Blueprint Medicines Stock Down 8.1 %

Shares of NASDAQ:BPMC opened at $95.19 on Thursday. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -45.11 and a beta of 0.62. The stock’s 50-day moving average price is $99.65 and its two-hundred day moving average price is $94.77. Blueprint Medicines has a 12-month low of $72.24 and a 12-month high of $121.90.

Blueprint Medicines (NASDAQ:BPMC) last released its earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. On average, research analysts forecast that Blueprint Medicines will post -3.63 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Kate Haviland sold 2,353 shares of Blueprint Medicines stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $96.60, for a total transaction of $227,299.80. Following the sale, the chief executive officer now directly owns 150,824 shares of the company’s stock, valued at approximately $14,569,598.40. The trade was a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Christina Rossi sold 2,274 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $110.14, for a total value of $250,458.36. Following the completion of the transaction, the chief operating officer now directly owns 67,109 shares of the company’s stock, valued at $7,391,385.26. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,851 shares of company stock worth $4,984,696 in the last quarter. 4.21% of the stock is owned by corporate insiders.

Institutional Trading of Blueprint Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in BPMC. Wellington Management Group LLP grew its holdings in Blueprint Medicines by 22.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after acquiring an additional 729,055 shares in the last quarter. Norges Bank bought a new position in shares of Blueprint Medicines during the fourth quarter worth about $62,028,000. State Street Corp grew its stake in Blueprint Medicines by 16.2% in the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock worth $255,827,000 after purchasing an additional 385,818 shares in the last quarter. Jennison Associates LLC bought a new stake in Blueprint Medicines in the fourth quarter valued at about $31,417,000. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Blueprint Medicines by 161.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 496,087 shares of the biotechnology company’s stock valued at $45,888,000 after buying an additional 306,079 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.