JPMorgan Chase & Co. Begins Coverage on Blueprint Medicines (NASDAQ:BPMC)

JPMorgan Chase & Co. started coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a research note released on Thursday morning, MarketBeat reports. The brokerage issued an overweight rating and a $126.00 price objective on the biotechnology company’s stock.

A number of other equities research analysts have also weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $133.00 target price on shares of Blueprint Medicines in a research note on Wednesday, October 30th. UBS Group assumed coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price objective on the stock. Wells Fargo & Company decreased their target price on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. StockNews.com upgraded Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Robert W. Baird increased their price objective on Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One equities 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.11.

Blueprint Medicines Stock Performance

Blueprint Medicines stock opened at $88.69 on Thursday. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. 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 has a 1-year low of $62.56 and a 1-year high of $121.90. The firm has a 50-day moving average of $89.59 and a 200-day moving average of $98.91.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.08. The firm had revenue of $128.20 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned ($2.20) EPS. Sell-side analysts expect that Blueprint Medicines will post -3.61 EPS for the current year.

Insiders Place Their Bets

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the company’s 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 transaction, the insider now owns 69,070 shares in the company, valued at approximately $6,169,332.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.21% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BPMC. Amalgamated Bank grew its position in Blueprint Medicines by 5.3% in the 2nd quarter. Amalgamated Bank now owns 2,154 shares of the biotechnology company’s stock worth $232,000 after purchasing an additional 109 shares during the period. Van ECK Associates Corp boosted its stake in shares of Blueprint Medicines by 13.3% in the 2nd quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock worth $120,000 after buying an additional 131 shares during the last quarter. EFG Asset Management North America Corp. grew its holdings in shares of Blueprint Medicines by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 27,884 shares of the biotechnology company’s stock worth $3,008,000 after acquiring an additional 132 shares during the period. Pallas Capital Advisors LLC increased its position in Blueprint Medicines by 3.2% during the third quarter. Pallas Capital Advisors LLC now owns 5,657 shares of the biotechnology company’s stock valued at $523,000 after acquiring an additional 176 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Blueprint Medicines by 5.2% in the first quarter. US Bancorp DE now owns 3,724 shares of the biotechnology company’s stock valued at $353,000 after acquiring an additional 183 shares during the period.

Blueprint Medicines Company Profile

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.