Blueprint Medicines (NASDAQ:BPMC) Price Target Raised to $119.00

Blueprint Medicines (NASDAQ:BPMC) had its price target hoisted by equities researchers at Piper Sandler from $109.00 to $119.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s price objective would suggest a potential upside of 3.96% from the company’s previous close.

A number of other research analysts have also recently issued reports on BPMC. JPMorgan Chase & Co. started coverage on shares of Blueprint Medicines in a report on Thursday, November 14th. They issued an “overweight” rating and a $126.00 target price for the company. JMP Securities reiterated a “market outperform” rating and set a $125.00 target price on shares of Blueprint Medicines in a report on Wednesday, January 15th. Wedbush restated an “outperform” rating and set a $124.00 target price (down previously from $135.00) on shares of Blueprint Medicines in a research report on Monday, January 13th. Guggenheim reiterated a “buy” rating on shares of Blueprint Medicines in a research note on Wednesday, December 11th. Finally, UBS Group assumed coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.56.

Blueprint Medicines Trading Up 0.5 %

NASDAQ BPMC opened at $114.47 on Monday. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $96.68 and a 200 day moving average price of $95.14. Blueprint Medicines has a 52-week low of $72.24 and a 52-week high of $121.90. The stock has a market capitalization of $7.27 billion, a P/E ratio of -54.25 and a beta of 0.61.

Blueprint Medicines (NASDAQ:BPMC) last released its 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. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The company had revenue of $128.20 million during the quarter, compared to the consensus estimate of $127.56 million. During the same quarter last year, the company earned ($2.20) earnings per share. Blueprint Medicines’s quarterly revenue was up 126.5% compared to the same quarter last year. Equities research analysts expect that Blueprint Medicines will post -3.67 EPS for the current year.

Insiders Place Their Bets

In other news, insider Ariel Hurley sold 1,819 shares of Blueprint Medicines stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $93.26, for a total transaction of $169,639.94. Following the sale, the insider now directly owns 14,967 shares of the company’s stock, valued at approximately $1,395,822.42. The trade was a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kate Haviland sold 1,446 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $110.24, for a total value of $159,407.04. Following the completion of the transaction, the chief executive officer now directly owns 149,378 shares of the company’s stock, valued at $16,467,430.72. This represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,851 shares of company stock worth $4,984,696 in the last 90 days. 4.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blueprint Medicines

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its stake in shares of Blueprint Medicines by 22.5% in the third 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 last quarter. Millennium Management LLC increased its position in shares of 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 purchasing an additional 529,566 shares during the last quarter. State Street Corp raised its stake in shares of Blueprint Medicines by 16.2% in the 3rd quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after purchasing an additional 385,818 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Blueprint Medicines during the fourth quarter worth about $31,417,000. Finally, Jacobs Levy Equity Management Inc. grew its stake in Blueprint Medicines by 161.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 496,087 shares of the biotechnology company’s stock worth $45,888,000 after purchasing an additional 306,079 shares in 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.