The Manufacturers Life Insurance Company Reduces Position in Blueprint Medicines Co. (NASDAQ:BPMC)

The Manufacturers Life Insurance Company reduced its stake in Blueprint Medicines Co. (NASDAQ:BPMC) by 11.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,996 shares of the biotechnology company’s stock after selling 18,763 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.24% of Blueprint Medicines worth $13,875,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Triad Wealth Partners LLC purchased a new position in Blueprint Medicines in the 2nd quarter valued at about $27,000. Covestor Ltd raised its position in shares of Blueprint Medicines by 206.7% in the third quarter. Covestor Ltd now owns 598 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 403 shares during the last quarter. CWM LLC boosted its position in Blueprint Medicines by 114.6% during the second quarter. CWM LLC now owns 1,105 shares of the biotechnology company’s stock worth $119,000 after acquiring an additional 590 shares during the last quarter. Van ECK Associates Corp boosted its position in Blueprint Medicines by 13.3% during the second quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock worth $120,000 after acquiring an additional 131 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new stake in Blueprint Medicines in the 3rd quarter worth approximately $122,000.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BPMC. Needham & Company LLC restated a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a report on Friday, November 15th. UBS Group began coverage on Blueprint Medicines in a report on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price target for the company. JMP Securities reiterated a “market outperform” rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Monday, November 18th. JPMorgan Chase & Co. began coverage on shares of Blueprint Medicines in a research report on Thursday, November 14th. They issued an “overweight” rating and a $126.00 target price on the stock. Finally, StockNews.com raised shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $122.11.

Insider Buying and Selling

In related news, insider Fouad Namouni sold 3,633 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total transaction of $324,499.56. Following the sale, the insider now owns 69,070 shares in the company, valued at $6,169,332.40. This represents a 5.00 % decrease in their ownership of the stock. The transaction 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.

Blueprint Medicines Price Performance

Shares of BPMC stock opened at $96.38 on Monday. The firm has a market cap of $6.12 billion, a P/E ratio of -45.68 and a beta of 0.59. The firm has a fifty day moving average of $90.97 and a two-hundred day moving average of $98.10. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.32 and a quick ratio of 3.27. Blueprint Medicines Co. has a 1-year low of $68.28 and a 1-year high of $121.90.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings data 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. The firm had revenue of $128.20 million for the quarter, compared to analysts’ expectations of $127.56 million. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. Blueprint Medicines’s revenue for the quarter was up 126.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.20) earnings per share. As a group, research analysts anticipate that Blueprint Medicines Co. will post -3.68 earnings per share for the current fiscal year.

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.