Canaccord Genuity Reiterates Buy Rating for Blueprint Medicines Corporation (BPMC)

Blueprint Medicines Corporation (NASDAQ:BPMC)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity in a note issued to investors on Monday. They presently have a $56.00 target price on the biotechnology company’s stock. Canaccord Genuity’s price target suggests a potential upside of 15.77% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. BidaskClub raised Blueprint Medicines Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research raised Blueprint Medicines Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Cowen and Company reissued a “buy” rating on shares of Blueprint Medicines Corporation in a research note on Tuesday, June 6th. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Blueprint Medicines Corporation in a research note on Tuesday, June 6th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $56.00 target price on shares of Blueprint Medicines Corporation in a research note on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Blueprint Medicines Corporation presently has a consensus rating of “Buy” and a consensus price target of $49.77.

Shares of Blueprint Medicines Corporation (NASDAQ:BPMC) opened at 48.37 on Monday. The stock’s market capitalization is $1.89 billion. The company has a 50-day moving average price of $50.26 and a 200 day moving average price of $44.89. Blueprint Medicines Corporation has a 52 week low of $25.08 and a 52 week high of $56.93.

Blueprint Medicines Corporation (NASDAQ:BPMC) last posted its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.11). Blueprint Medicines Corporation had a negative net margin of 388.91% and a negative return on equity of 45.58%. The business had revenue of $5.89 million during the quarter, compared to analyst estimates of $5.96 million. During the same period in the previous year, the firm posted ($0.70) earnings per share. The firm’s revenue was down 16.7% on a year-over-year basis. Analysts forecast that Blueprint Medicines Corporation will post ($3.59) earnings per share for the current fiscal year.

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In other news, Director Daniel Lynch sold 7,500 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $55.06, for a total value of $412,950.00. Following the sale, the director now directly owns 211,842 shares in the company, valued at $11,664,020.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Anthony L. Boral sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $48.60, for a total value of $243,000.00. Following the completion of the sale, the insider now owns 5,000 shares in the company, valued at $243,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 128,622 shares of company stock valued at $6,484,605. Insiders own 3.40% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. lifted its holdings in shares of Blueprint Medicines Corporation by 68.9% in the second quarter. Ameritas Investment Partners Inc. now owns 3,410 shares of the biotechnology company’s stock valued at $173,000 after purchasing an additional 1,391 shares in the last quarter. Fred Alger Management Inc. bought a new stake in shares of Blueprint Medicines Corporation in the second quarter valued at about $203,000. SG Americas Securities LLC lifted its holdings in shares of Blueprint Medicines Corporation by 23.3% in the second quarter. SG Americas Securities LLC now owns 4,113 shares of the biotechnology company’s stock valued at $208,000 after purchasing an additional 778 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Blueprint Medicines Corporation by 4,457.0% in the second quarter. BNP Paribas Arbitrage SA now owns 4,238 shares of the biotechnology company’s stock valued at $215,000 after purchasing an additional 4,145 shares in the last quarter. Finally, Amalgamated Bank bought a new stake in shares of Blueprint Medicines Corporation in the second quarter valued at about $232,000. Institutional investors own 90.71% of the company’s stock.

About Blueprint Medicines Corporation

Blueprint Medicines Corporation is a biopharmaceutical company. The Company focuses on patients with genomically defined diseases driven by abnormal kinase activation. It focuses on crafting drug candidates that provide clinical responses to patients without adequate treatment options. It has developed a small molecule drug pipeline in cancer and a genetic disease.

Analyst Recommendations for Blueprint Medicines Corporation (NASDAQ:BPMC)

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