Blueprint Medicines (NASDAQ:BPMC) Coverage Initiated at Scotiabank

Research analysts at Scotiabank initiated coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a note issued to investors on Friday, MarketBeat.com reports. The firm set a “sector outperform” rating and a $150.00 price target on the biotechnology company’s stock. Scotiabank’s price objective points to a potential upside of 72.18% from the stock’s current price.

Other analysts also recently issued research reports about the company. StockNews.com downgraded Blueprint Medicines from a “hold” rating to a “sell” rating in a research report on Monday, March 3rd. JMP Securities reaffirmed a “market outperform” rating and issued a $125.00 target price on shares of Blueprint Medicines in a research report on Friday, February 14th. HC Wainwright reissued a “buy” rating and issued a $135.00 price target on shares of Blueprint Medicines in a report on Friday, February 14th. Piper Sandler raised their price objective on shares of Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Blueprint Medicines from $126.00 to $129.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $125.21.

Blueprint Medicines Trading Down 1.6 %

Shares of Blueprint Medicines stock opened at $87.12 on Friday. Blueprint Medicines has a 1 year low of $80.68 and a 1 year high of $121.90. The company’s fifty day simple moving average is $99.38 and its 200-day simple moving average is $94.22. The company has a market cap of $5.57 billion, a price-to-earnings ratio of -80.67 and a beta of 0.58. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. As a group, sell-side analysts expect that Blueprint Medicines will post -1.28 EPS for the current year.

Insiders Place Their Bets

In other news, COO Christina Rossi sold 2,274 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $110.14, for a total transaction of $250,458.36. Following the transaction, the chief operating officer now owns 67,109 shares of the company’s stock, valued at $7,391,385.26. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kate Haviland sold 1,446 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $110.24, for a total value of $159,407.04. Following the completion of the transaction, the chief executive officer now owns 149,378 shares in the company, valued at approximately $16,467,430.72. This represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,427 shares of company stock valued at $4,837,801 in the last 90 days. 4.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp raised its stake in shares of Blueprint Medicines by 99.6% during the fourth quarter. Mackenzie Financial Corp now owns 14,177 shares of the biotechnology company’s stock worth $1,237,000 after buying an additional 7,076 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Blueprint Medicines during the 4th quarter valued at $116,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Blueprint Medicines by 5.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 239,946 shares of the biotechnology company’s stock valued at $20,928,000 after purchasing an additional 12,035 shares during the period. Woodline Partners LP boosted its position in shares of Blueprint Medicines by 19.1% in the 4th quarter. Woodline Partners LP now owns 540,192 shares of the biotechnology company’s stock worth $47,116,000 after purchasing an additional 86,614 shares during the last quarter. Finally, Zimmer Partners LP grew its stake in shares of Blueprint Medicines by 59.5% during the fourth quarter. Zimmer Partners LP now owns 33,650 shares of the biotechnology company’s stock worth $2,935,000 after purchasing an additional 12,550 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.