Blueprint Medicines (NASDAQ:BPMC) Reaches New 52-Week High on Analyst Upgrade

Blueprint Medicines Co. (NASDAQ:BPMC)’s share price reached a new 52-week high during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $110.00 to $115.00. Morgan Stanley currently has an equal weight rating on the stock. Blueprint Medicines traded as high as $119.82 and last traded at $119.37, with a volume of 15803 shares changing hands. The stock had previously closed at $117.79.

Other equities analysts have also issued reports about the company. Oppenheimer increased their price objective on Blueprint Medicines from $114.00 to $125.00 and gave the stock an “outperform” rating in a report on Monday, July 8th. Leerink Partnrs raised Blueprint Medicines from an “underperform” rating to a “market perform” rating in a report on Monday, May 6th. The Goldman Sachs Group lifted their price objective on shares of Blueprint Medicines from $121.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Stephens started coverage on shares of Blueprint Medicines in a research report on Tuesday, May 14th. They issued an “overweight” rating and a $140.00 target price for the company. Finally, Piper Sandler raised their target price on shares of Blueprint Medicines from $78.00 to $104.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.33.

Insider Activity at Blueprint Medicines

In other Blueprint Medicines news, insider Debra Durso-Bumpus sold 3,850 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $111.20, for a total transaction of $428,120.00. Following the completion of the sale, the insider now directly owns 43,763 shares of the company’s stock, valued at $4,866,445.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Debra Durso-Bumpus sold 3,850 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $111.20, for a total value of $428,120.00. Following the completion of the sale, the insider now owns 43,763 shares in the company, valued at $4,866,445.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider L. Becker Hewes sold 34,108 shares of Blueprint Medicines stock in a transaction on Friday, May 31st. The shares were sold at an average price of $105.91, for a total value of $3,612,378.28. Following the transaction, the insider now owns 36,860 shares in the company, valued at approximately $3,903,842.60. The disclosure for this sale can be found here. Insiders sold 141,898 shares of company stock worth $14,957,242 in the last quarter. 4.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On Blueprint Medicines

A number of large investors have recently made changes to their positions in BPMC. Principal Financial Group Inc. increased its stake in Blueprint Medicines by 331.9% in the 1st quarter. Principal Financial Group Inc. now owns 62,670 shares of the biotechnology company’s stock valued at $5,945,000 after buying an additional 48,160 shares during the period. Readystate Asset Management LP acquired a new position in shares of Blueprint Medicines in the fourth quarter worth $3,692,000. Vanguard Group Inc. raised its holdings in shares of Blueprint Medicines by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 6,114,970 shares of the biotechnology company’s stock worth $564,045,000 after acquiring an additional 147,827 shares in the last quarter. American Century Companies Inc. boosted its position in Blueprint Medicines by 5.2% during the third quarter. American Century Companies Inc. now owns 670,972 shares of the biotechnology company’s stock valued at $33,696,000 after purchasing an additional 33,243 shares during the last quarter. Finally, Axiom Investors LLC DE purchased a new position in Blueprint Medicines in the fourth quarter valued at about $2,212,000.

Blueprint Medicines Stock Performance

The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of -24.49 and a beta of 0.63. The company has a current ratio of 3.76, a quick ratio of 3.61 and a debt-to-equity ratio of 0.67. The firm has a 50-day simple moving average of $106.88 and a two-hundred day simple moving average of $94.52.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported ($1.32) earnings per share for the quarter, beating the consensus estimate of ($1.64) by $0.32. The firm had revenue of $96.12 million for the quarter, compared to analyst estimates of $82.58 million. Blueprint Medicines had a negative net margin of 102.15% and a negative return on equity of 193.48%. As a group, sell-side analysts forecast that Blueprint Medicines Co. will post -5.16 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.