Blueprint Medicines (NASDAQ:BPMC) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a report published on Monday morning, Marketbeat reports. Wedbush currently has a $124.00 price target on the biotechnology company’s stock, down from their prior price target of $135.00.

A number of other brokerages have also recently issued reports on BPMC. Wells Fargo & Company dropped their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a research report on Monday, December 9th. JPMorgan Chase & Co. started coverage on shares of Blueprint Medicines in a report on Thursday, November 14th. They issued an “overweight” rating and a $126.00 target price on the stock. UBS Group initiated coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Blueprint Medicines in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $122.72.

Blueprint Medicines Stock Performance

Shares of BPMC stock opened at $103.36 on Monday. The firm has a market cap of $6.57 billion, a PE 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. The company’s fifty day simple moving average is $93.65 and its 200-day simple moving average is $95.33. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly 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 firm had revenue of $128.20 million for the quarter, compared to analysts’ expectations of $127.56 million. During the same period in the previous year, the firm posted ($2.20) EPS. The company’s revenue for the quarter was up 126.5% on a year-over-year basis. Equities research analysts expect that Blueprint Medicines will post -3.68 EPS for the current fiscal year.

Insider Activity at Blueprint Medicines

In other Blueprint Medicines news, insider Ariel Hurley sold 1,819 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $93.26, for a total value of $169,639.94. Following the transaction, the insider now directly owns 14,967 shares of the company’s stock, valued at $1,395,822.42. This trade represents a 10.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Christina Rossi sold 2,274 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $95.10, for a total transaction of $216,257.40. Following the sale, the chief operating officer now owns 71,657 shares in the company, valued at $6,814,580.70. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,720 shares of company stock worth $2,177,846. Company insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Several large investors have recently bought and sold shares of BPMC. Wellington Management Group LLP lifted its holdings 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 worth $366,726,000 after acquiring an additional 729,055 shares during the last quarter. State Street Corp lifted its stake in Blueprint Medicines by 16.2% in the 3rd 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. Geode Capital Management LLC boosted its position in 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 buying an additional 20,703 shares in the last quarter. Millennium Management LLC grew its stake in shares of Blueprint Medicines by 540.0% during the second quarter. Millennium Management LLC now owns 627,626 shares of the biotechnology company’s stock worth $67,646,000 after buying an additional 529,566 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Blueprint Medicines by 9.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 597,232 shares of the biotechnology company’s stock worth $55,244,000 after buying an additional 50,736 shares in 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.