Blueprint Medicines Co. (NASDAQ:BPMC) Sees Large Decline in Short Interest

Blueprint Medicines Co. (NASDAQ:BPMC) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 3,670,000 shares, a drop of 7.3% from the August 31st total of 3,960,000 shares. Based on an average trading volume of 691,700 shares, the short-interest ratio is currently 5.3 days.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BPMC. Guggenheim lifted their target price on Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird boosted their price target on shares of Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Morgan Stanley boosted their target price on Blueprint Medicines from $110.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Friday, July 12th. Barclays raised their target price on shares of Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, JMP Securities reissued a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a research note on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Blueprint Medicines has a consensus rating of “Moderate Buy” and an average target price of $120.00.

Blueprint Medicines Trading Up 3.9 %

Shares of Blueprint Medicines stock traded up $3.49 on Friday, hitting $92.55. 831,855 shares of the company traded hands, compared to its average volume of 702,910. The company has a market cap of $5.80 billion, a PE ratio of -19.24 and a beta of 0.58. The company has a current ratio of 3.71, a quick ratio of 3.65 and a debt-to-equity ratio of 1.06. Blueprint Medicines has a 52 week low of $43.89 and a 52 week high of $121.90. The stock’s 50 day moving average price is $95.09 and its 200-day moving average price is $98.99.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.49. The firm had revenue of $138.20 million for the quarter, compared to the consensus estimate of $104.02 million. Blueprint Medicines had a negative net margin of 56.64% and a negative return on equity of 157.30%. The company’s quarterly revenue was up 139.9% on a year-over-year basis. During the same period last year, the firm earned ($2.19) earnings per share. Equities research analysts predict that Blueprint Medicines will post -3.99 EPS for the current year.

Insider Activity at Blueprint Medicines

In related news, insider Debra Durso-Bumpus sold 8,817 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $111.29, for a total transaction of $981,243.93. Following the sale, the insider now directly owns 43,763 shares of the company’s stock, valued at approximately $4,870,384.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blueprint Medicines news, insider Philina Lee sold 41,913 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $93.19, for a total value of $3,905,872.47. Following the transaction, the insider now directly owns 34,729 shares of the company’s stock, valued at $3,236,395.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Debra Durso-Bumpus sold 8,817 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $111.29, for a total transaction of $981,243.93. Following the sale, the insider now directly owns 43,763 shares of the company’s stock, valued at approximately $4,870,384.27. The disclosure for this sale can be found here. Insiders sold a total of 54,580 shares of company stock valued at $5,315,236 in the last three months. Company insiders own 4.21% of the company’s stock.

Institutional Investors Weigh In On Blueprint Medicines

Institutional investors have recently added to or reduced their stakes in the stock. Gilbert & Cook Inc. boosted its position in shares of Blueprint Medicines by 8.5% in the 4th quarter. Gilbert & Cook Inc. now owns 4,846 shares of the biotechnology company’s stock worth $447,000 after purchasing an additional 380 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Blueprint Medicines by 1.7% in the 4th quarter. Principal Financial Group Inc. now owns 14,510 shares of the biotechnology company’s stock worth $1,338,000 after purchasing an additional 247 shares in the last quarter. Eagle Asset Management Inc. grew its position in Blueprint Medicines by 10.7% during the 4th quarter. Eagle Asset Management Inc. now owns 231,396 shares of the biotechnology company’s stock worth $21,344,000 after purchasing an additional 22,279 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Blueprint Medicines by 3.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 135,969 shares of the biotechnology company’s stock valued at $12,542,000 after purchasing an additional 4,746 shares in the last quarter. Finally, NEOS Investment Management LLC purchased a new position in shares of Blueprint Medicines in the fourth quarter worth $460,000.

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.