JMP Securities Reaffirms “Market Outperform” Rating for Blueprint Medicines (NASDAQ:BPMC)

JMP Securities reissued their market outperform rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research note published on Monday,Benzinga reports. They currently have a $125.00 price target on the biotechnology company’s stock.

Several other brokerages have also issued reports on BPMC. Wedbush reiterated an “outperform” rating and issued a $135.00 target price on shares of Blueprint Medicines in a research report on Thursday, November 14th. Barclays lifted their target price on shares of Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Baird R W upgraded shares of Blueprint Medicines to a “strong-buy” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Robert W. Baird boosted their price target on shares of Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have given 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Stock Up 2.0 %

BPMC opened at $96.66 on Monday. The company has a fifty day moving average of $90.26 and a two-hundred day moving average of $98.69. Blueprint Medicines has a fifty-two week low of $65.68 and a fifty-two week high of $121.90. The stock has a market capitalization of $6.14 billion, a price-to-earnings ratio of -45.81 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.27 and a current ratio of 3.32.

Blueprint Medicines (NASDAQ:BPMC) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating 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 business had revenue of $128.20 million for the quarter, compared to analyst estimates of $127.56 million. During the same quarter last year, the business earned ($2.20) earnings per share. The company’s revenue for the quarter was up 126.5% compared to the same quarter last year. On average, research analysts expect that Blueprint Medicines will post -3.66 earnings per share for the current year.

Insider Activity

In other news, insider Fouad Namouni sold 3,633 shares of the business’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 value of $324,499.56. Following the sale, the insider now directly owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. The trade was a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.21% of the company’s stock.

Institutional Investors Weigh In On Blueprint Medicines

Several large investors have recently added to or reduced their stakes in BPMC. Price T Rowe Associates Inc. MD increased its stake in Blueprint Medicines by 15.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,250,823 shares of the biotechnology company’s stock worth $592,954,000 after buying an additional 821,868 shares during the period. Wellington Management Group LLP increased its stake in Blueprint Medicines by 22.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after buying an additional 729,055 shares during the period. Millennium Management LLC increased its stake in Blueprint Medicines by 540.0% during the 2nd 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 period. 1832 Asset Management L.P. increased its stake in Blueprint Medicines by 200,159.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 502,651 shares of the biotechnology company’s stock worth $54,176,000 after buying an additional 502,400 shares during the period. Finally, State Street Corp increased its stake in Blueprint Medicines by 16.2% during the 3rd quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock worth $255,827,000 after buying an additional 385,818 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.