Blueprint Medicines Co. (NASDAQ:BPMC) Short Interest Update

Blueprint Medicines Co. (NASDAQ:BPMC) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 3,910,000 shares, a drop of 5.3% from the October 31st total of 4,130,000 shares. Based on an average daily trading volume, of 639,000 shares, the short-interest ratio is presently 6.1 days.

Wall Street Analysts Forecast Growth

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

Blueprint Medicines Price Performance

Shares of NASDAQ BPMC opened at $96.53 on Wednesday. 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 has a 1 year low of $70.39 and a 1 year high of $121.90. The firm has a fifty day moving average price of $91.12 and a 200-day moving average price of $97.97.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.08. The business 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%. The business’s quarterly revenue was up 126.5% on a year-over-year basis. During the same period last year, the firm earned ($2.20) earnings per share. Analysts anticipate that Blueprint Medicines will post -3.68 earnings per share for the current year.

Insiders Place Their Bets

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 value of $324,499.56. Following the completion of the transaction, the insider now directly 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Christina Rossi sold 2,274 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $95.10, for a total transaction of $216,257.40. Following the completion of the sale, the chief operating officer now owns 71,657 shares in the company, valued at approximately $6,814,580.70. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,260 shares of company stock worth $768,057 over the last three months. Company insiders own 4.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC purchased a new position in shares of Blueprint Medicines in the second quarter worth $1,060,000. Comerica Bank increased its holdings in Blueprint Medicines by 2,582.9% in the 1st quarter. Comerica Bank now owns 10,839 shares of the biotechnology company’s stock valued at $1,028,000 after acquiring an additional 10,435 shares during the last quarter. Federated Hermes Inc. lifted its stake in Blueprint Medicines by 27.8% in the 2nd quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock worth $6,721,000 after purchasing an additional 13,579 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Blueprint Medicines by 82.8% during the 2nd quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company’s stock valued at $2,337,000 after purchasing an additional 9,819 shares during the last quarter. Finally, Nicholas Investment Partners LP purchased a new position in shares of Blueprint Medicines during the second quarter valued at about $4,377,000.

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.