Blueprint Medicines (NASDAQ:BPMC) Stock Price Up 5.7% – Still a Buy?

Blueprint Medicines Co. (NASDAQ:BPMC)’s share price shot up 5.7% during trading on Tuesday . The company traded as high as $95.48 and last traded at $94.68. 330,942 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 454,721 shares. The stock had previously closed at $89.54.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. started coverage on Blueprint Medicines in a report on Thursday, November 14th. They set an “overweight” rating and a $126.00 target price for the company. UBS Group initiated coverage on shares of Blueprint Medicines in a report on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $135.00 price target on shares of Blueprint Medicines in a report on Friday, November 15th. Stephens reaffirmed an “overweight” rating and issued a $140.00 price target on shares of Blueprint Medicines in a report on Thursday, January 2nd. Finally, Guggenheim reissued a “buy” rating on shares of Blueprint Medicines in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Blueprint Medicines currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.33.

Blueprint Medicines Stock Performance

The business has a 50 day moving average price of $93.17 and a two-hundred day moving average price of $95.77. 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 company has a market cap of $6.00 billion, a P/E ratio of -44.75 and a beta of 0.61.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share 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 firm had revenue of $128.20 million during the quarter, compared to analyst estimates of $127.56 million. During the same quarter in the prior year, the firm posted ($2.20) earnings per share. The business’s quarterly revenue was up 126.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Blueprint Medicines Co. will post -3.68 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In other news, insider Ariel Hurley sold 1,819 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $93.26, for a total transaction of $169,639.94. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kate Haviland sold 2,353 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $96.60, for a total value of $227,299.80. Following the completion of the sale, the chief executive officer now directly owns 150,824 shares of the company’s stock, valued at $14,569,598.40. The trade was a 1.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,720 shares of company stock worth $2,177,846. 4.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP bought a new stake in Blueprint Medicines during the 3rd quarter valued at approximately $32,000. Covestor Ltd lifted its position in Blueprint Medicines by 206.7% during the 3rd quarter. Covestor Ltd now owns 598 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 403 shares during the period. Van ECK Associates Corp grew its holdings in Blueprint Medicines by 13.3% in the second quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock worth $120,000 after purchasing an additional 131 shares during the period. Quantbot Technologies LP bought a new position in shares of Blueprint Medicines during the third quarter valued at approximately $108,000. Finally, Values First Advisors Inc. purchased a new position in shares of Blueprint Medicines during the third quarter valued at approximately $122,000.

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.