Blueprint Medicines (NASDAQ:BPMC) Earns “Buy” Rating from Needham & Company LLC

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $135.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 52.22% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $135.00 target price on shares of Blueprint Medicines in a research note on Friday. Baird R W raised Blueprint Medicines to a “strong-buy” rating in a report on Friday, August 2nd. Robert W. Baird upped their target price on Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. StockNews.com raised shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, UBS Group started coverage on shares of Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.11.

Blueprint Medicines Stock Down 7.3 %

Shares of BPMC stock opened at $88.69 on Friday. Blueprint Medicines has a twelve month low of $62.56 and a twelve month high of $121.90. The stock has a market cap of $5.63 billion, a P/E ratio of -42.03 and a beta of 0.59. The stock has a 50 day moving average of $89.59 and a 200 day moving average of $98.91. 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 (NASDAQ:BPMC) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating the consensus estimate of ($0.97) by $0.08. The firm had revenue of $128.20 million during the quarter, compared to analyst estimates of $127.56 million. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. The business’s quarterly revenue was up 126.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($2.20) EPS. As a group, sell-side analysts expect that Blueprint Medicines will post -3.61 EPS for the current year.

Insider Activity

In other news, insider Fouad Namouni sold 3,633 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total transaction of $324,499.56. Following the completion of the sale, the insider now owns 69,070 shares in the company, valued at $6,169,332.40. This trade represents a 5.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.21% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC purchased a new position in shares of Blueprint Medicines during the 2nd quarter worth $1,060,000. Comerica Bank boosted its stake in Blueprint Medicines by 2,582.9% during the first quarter. Comerica Bank now owns 10,839 shares of the biotechnology company’s stock worth $1,028,000 after buying an additional 10,435 shares during the period. Federated Hermes Inc. boosted its stake in Blueprint Medicines by 27.8% during the second quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock worth $6,721,000 after buying an additional 13,579 shares during the period. SG Americas Securities LLC increased its position in shares of Blueprint Medicines by 82.8% during the second quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company’s stock valued at $2,337,000 after acquiring an additional 9,819 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Blueprint Medicines by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,309,977 shares of the biotechnology company’s stock valued at $598,564,000 after acquiring an additional 195,007 shares during the period.

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.