Blueprint Medicines’ (BPMC) “Buy” Rating Reiterated at Needham & Company LLC

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

Several other brokerages have also commented on BPMC. JPMorgan Chase & Co. assumed coverage on shares of Blueprint Medicines in a research report on Thursday. They issued an “overweight” rating and a $126.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a report on Friday. Barclays raised their target price on Blueprint Medicines from $75.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Guggenheim boosted their price target on Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Wedbush reaffirmed an “outperform” rating and set a $135.00 target price on shares of Blueprint Medicines in a report on Thursday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Blueprint Medicines has a consensus rating of “Moderate Buy” and an average price target of $122.11.

Blueprint Medicines Stock Down 7.3 %

Shares of Blueprint Medicines stock opened at $88.69 on Friday. 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 company has a market cap of $5.63 billion, a P/E ratio of -42.03 and a beta of 0.59. The firm’s 50 day moving average price is $89.59 and its 200-day moving average price is $98.94. Blueprint Medicines has a 52-week low of $62.56 and a 52-week high of $121.90.

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

Insiders Place Their Bets

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the stock in a transaction that occurred on 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 owns 69,070 shares of the company’s stock, valued at $6,169,332.40. This represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.21% of the stock is currently owned by company insiders.

Institutional Trading of Blueprint Medicines

Several large investors have recently made changes to their positions in BPMC. Hsbc Holdings PLC purchased a new stake in shares of Blueprint Medicines during the second quarter worth $1,060,000. Comerica Bank grew its stake in Blueprint Medicines by 2,582.9% during the 1st quarter. Comerica Bank now owns 10,839 shares of the biotechnology company’s stock valued at $1,028,000 after acquiring an additional 10,435 shares in the last quarter. Federated Hermes Inc. raised its holdings in Blueprint Medicines by 27.8% in the 2nd quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock valued at $6,721,000 after acquiring an additional 13,579 shares during the last quarter. SG Americas Securities LLC lifted its stake in Blueprint Medicines by 82.8% in the 2nd quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company’s stock worth $2,337,000 after purchasing an additional 9,819 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Blueprint Medicines by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,309,977 shares of the biotechnology company’s stock worth $598,564,000 after purchasing an additional 195,007 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.