Blueprint Medicines’ (BPMC) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $135.00 price target on the biotechnology company’s stock.

BPMC has been the subject of several other reports. UBS Group initiated coverage on shares of Blueprint Medicines in a research note on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price for the company. Stephens restated an “overweight” rating and issued a $140.00 price objective on shares of Blueprint Medicines in a research note on Thursday, January 2nd. HC Wainwright reiterated a “buy” rating and set a $135.00 target price on shares of Blueprint Medicines in a research report on Friday, November 15th. Wedbush reiterated an “outperform” rating and set a $135.00 target price on shares of Blueprint Medicines in a research report on Thursday, November 14th. Finally, JMP Securities reissued a “market outperform” rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $122.72.

Blueprint Medicines Stock Performance

BPMC stock opened at $103.36 on Monday. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $93.65 and a two-hundred day moving average of $95.33. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -48.99 and a beta of 0.61. Blueprint Medicines has a 12 month low of $72.24 and a 12 month high of $121.90.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.97) by $0.08. The business had revenue of $128.20 million during the quarter, compared to the consensus estimate of $127.56 million. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. Blueprint Medicines’s quarterly revenue was up 126.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.20) EPS. As a group, equities analysts anticipate that Blueprint Medicines will post -3.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jeffrey W. Albers sold 15,000 shares of Blueprint Medicines stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $89.77, for a total value of $1,346,550.00. Following the sale, the director now directly owns 157,557 shares in the company, valued at $14,143,891.89. This trade represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Christina Rossi sold 2,274 shares of Blueprint Medicines stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $95.10, for a total transaction of $216,257.40. Following the completion of the sale, the chief operating officer now owns 71,657 shares in the company, valued at $6,814,580.70. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,720 shares of company stock worth $2,177,846. Company insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in Blueprint Medicines by 22.5% during the third quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after purchasing an additional 729,055 shares during the period. Millennium Management LLC boosted its position in shares of Blueprint Medicines by 540.0% in the second quarter. Millennium Management LLC now owns 627,626 shares of the biotechnology company’s stock valued at $67,646,000 after acquiring an additional 529,566 shares during the period. 1832 Asset Management L.P. boosted its position in shares of Blueprint Medicines by 200,159.4% in the second quarter. 1832 Asset Management L.P. now owns 502,651 shares of the biotechnology company’s stock valued at $54,176,000 after acquiring an additional 502,400 shares during the period. State Street Corp boosted 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 acquiring an additional 385,818 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of 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 acquiring an additional 306,079 shares during the period.

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.