Needham & Company LLC Reiterates “Buy” Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $97.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential downside of 9.51% from the company’s current price.

Several other analysts also recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Friday, April 26th. Wedbush restated an “outperform” rating and set a $110.00 price target on shares of Blueprint Medicines in a report on Friday, April 26th. Stifel Nicolaus lifted their price objective on Blueprint Medicines from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Citigroup increased their target price on Blueprint Medicines from $54.00 to $65.00 and gave the company a “sell” rating in a research note on Friday, February 16th. Finally, Barclays lifted their price target on Blueprint Medicines from $58.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. Three analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $94.87.

Blueprint Medicines Trading Up 0.2 %

Blueprint Medicines stock opened at $107.19 on Thursday. Blueprint Medicines has a one year low of $43.89 and a one year high of $110.93. The company’s fifty day moving average price is $91.77 and its two-hundred day moving average price is $80.52. The company has a debt-to-equity ratio of 1.60, a current ratio of 3.76 and a quick ratio of 3.66. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of -12.82 and a beta of 0.65.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($1.82) EPS for the quarter, beating analysts’ consensus estimates of ($2.04) by $0.22. The business had revenue of $71.96 million for the quarter, compared to analyst estimates of $67.34 million. Blueprint Medicines had a negative return on equity of 191.56% and a negative net margin of 203.30%. The firm’s revenue for the quarter was up 85.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.65) EPS. On average, analysts forecast that Blueprint Medicines will post -5.41 earnings per share for the current fiscal year.

Insider Transactions at Blueprint Medicines

In related news, insider Christopher K. Murray sold 621 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $93.65, for a total value of $58,156.65. Following the completion of the transaction, the insider now owns 36,374 shares of the company’s stock, valued at $3,406,425.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blueprint Medicines news, insider Christopher K. Murray sold 621 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $93.65, for a total value of $58,156.65. Following the sale, the insider now directly owns 36,374 shares in the company, valued at $3,406,425.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Landsittel sold 5,000 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $95.00, for a total value of $475,000.00. Following the transaction, the chief financial officer now owns 47,286 shares of the company’s stock, valued at $4,492,170. The disclosure for this sale can be found here. In the last three months, insiders sold 92,289 shares of company stock valued at $8,314,163. Company insiders own 3.88% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BPMC. Vanguard Group Inc. increased its holdings in shares of Blueprint Medicines by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 6,114,970 shares of the biotechnology company’s stock worth $564,045,000 after buying an additional 147,827 shares in the last quarter. Wellington Management Group LLP increased its holdings in Blueprint Medicines by 3.2% during the 3rd quarter. Wellington Management Group LLP now owns 5,080,521 shares of the biotechnology company’s stock valued at $255,144,000 after purchasing an additional 156,807 shares in the last quarter. Rock Springs Capital Management LP raised its position in Blueprint Medicines by 22.8% in the 3rd quarter. Rock Springs Capital Management LP now owns 2,685,294 shares of the biotechnology company’s stock valued at $134,855,000 after purchasing an additional 498,622 shares during the last quarter. Polar Capital Holdings Plc boosted its stake in Blueprint Medicines by 108.0% in the third quarter. Polar Capital Holdings Plc now owns 1,040,000 shares of the biotechnology company’s stock worth $52,229,000 after purchasing an additional 540,000 shares in the last quarter. Finally, Avidity Partners Management LP grew its holdings in shares of Blueprint Medicines by 81.1% during the third quarter. Avidity Partners Management LP now owns 751,600 shares of the biotechnology company’s stock worth $37,745,000 after purchasing an additional 336,600 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.