Blueprint Medicines (NASDAQ:BPMC) Given Outperform Rating at Wedbush

Wedbush reissued their outperform rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a report released on Thursday morning,RTT News reports. Wedbush currently has a $135.00 target price on the biotechnology company’s stock.

A number of other research firms have also weighed in on BPMC. Needham & Company LLC restated a “buy” rating and issued a $133.00 target price on shares of Blueprint Medicines in a report on Wednesday, October 30th. JPMorgan Chase & Co. assumed coverage on shares of Blueprint Medicines in a research note on Thursday. They issued an “overweight” rating and a $126.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $135.00 price target on shares of Blueprint Medicines in a research report on Thursday, October 31st. UBS Group initiated coverage on shares of Blueprint Medicines in a research note on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price objective for the company. Finally, Guggenheim boosted their target price on Blueprint Medicines from $130.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One equities 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Stock Performance

NASDAQ BPMC opened at $88.69 on Thursday. The company has a market cap of $5.63 billion, a P/E ratio of -42.03 and a beta of 0.59. The company has a fifty day simple moving average of $89.59 and a 200 day simple moving average of $98.94. 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.

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

Insider Transactions at Blueprint Medicines

In related news, insider Fouad Namouni sold 3,633 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total transaction of $324,499.56. Following the completion of the transaction, the insider now directly owns 69,070 shares in the company, valued at $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Triad Wealth Partners LLC purchased a new position in Blueprint Medicines in the 2nd quarter worth approximately $27,000. Covestor Ltd boosted its holdings in shares of Blueprint Medicines by 9,700.0% in the 1st quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 291 shares in the last quarter. Quarry LP purchased a new position in shares of Blueprint Medicines during the 3rd quarter valued at about $32,000. Headlands Technologies LLC lifted its position in Blueprint Medicines by 105.2% in the 1st quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock worth $63,000 after buying an additional 342 shares during the last quarter. Finally, Natixis purchased a new stake in Blueprint Medicines in the first quarter worth approximately $73,000.

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.