Wedbush Reiterates Outperform Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “outperform” rating reissued by Wedbush in a report released on Thursday,RTT News reports. They presently have a $135.00 price objective on the biotechnology company’s stock. Wedbush’s price target points to a potential upside of 52.22% from the stock’s previous close.

BPMC has been the subject of a number of other research reports. Baird R W upgraded Blueprint Medicines to a “strong-buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. initiated coverage on Blueprint Medicines in a research note on Thursday. They issued an “overweight” rating and a $126.00 price target on the stock. UBS Group began coverage on Blueprint Medicines in a research note on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price target on the stock. StockNews.com raised Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, HC Wainwright reissued a “buy” rating and set a $135.00 target price on shares of Blueprint Medicines in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Blueprint Medicines currently has a consensus rating of “Moderate Buy” and an average price target of $122.11.

Blueprint Medicines Trading Down 7.3 %

Shares of BPMC opened at $88.69 on Thursday. Blueprint Medicines has a fifty-two week low of $62.56 and a fifty-two week high of $121.90. The business has a 50-day moving average of $89.59 and a 200 day moving average of $98.86. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.27 and a current ratio of 3.32. The firm has a market cap of $5.63 billion, a P/E ratio of -42.03 and a beta of 0.59.

Blueprint Medicines (NASDAQ:BPMC) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($0.97) by $0.08. The business had revenue of $128.20 million during the quarter, compared to the consensus estimate of $127.56 million. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The firm’s revenue was up 126.5% compared to the same quarter last year. During the same quarter last year, the company earned ($2.20) EPS. As a group, research analysts forecast that Blueprint Medicines will post -3.61 EPS for the current year.

Insider Buying and Selling at Blueprint Medicines

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 corporate insiders.

Institutional Investors Weigh In On Blueprint Medicines

Several large investors have recently made changes to their positions in BPMC. Price T Rowe Associates Inc. MD boosted its holdings in Blueprint Medicines by 15.1% during the first 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 in the last quarter. Wellington Management Group LLP raised its holdings in Blueprint Medicines by 22.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after acquiring an additional 729,055 shares during the period. Millennium Management LLC raised its holdings in Blueprint Medicines by 540.0% in the 2nd quarter. Millennium Management LLC now owns 627,626 shares of the biotechnology company’s stock worth $67,646,000 after acquiring an additional 529,566 shares during the period. 1832 Asset Management L.P. raised its holdings in Blueprint Medicines by 200,159.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 502,651 shares of the biotechnology company’s stock worth $54,176,000 after acquiring an additional 502,400 shares during the period. Finally, State Street Corp grew its position in Blueprint Medicines by 16.2% in the 3rd quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock worth $255,827,000 after purchasing an additional 385,818 shares during the last quarter.

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.