HC Wainwright Reaffirms Buy Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report released on Friday,Benzinga reports. They presently have a $135.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 29.01% from the company’s current price.

Other analysts have also recently issued research reports about the company. Piper Sandler increased their target price on Blueprint Medicines from $109.00 to $119.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. JPMorgan Chase & Co. raised their price objective on Blueprint Medicines from $126.00 to $129.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Stephens reissued an “overweight” rating and set a $140.00 price target on shares of Blueprint Medicines in a research report on Thursday, January 2nd. Scotiabank started coverage on shares of Blueprint Medicines in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $150.00 price objective on the stock. Finally, Wedbush reissued an “outperform” rating and set a $128.00 target price on shares of Blueprint Medicines in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $127.22.

Blueprint Medicines Price Performance

BPMC opened at $104.64 on Friday. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15. The business’s fifty day simple moving average is $87.69 and its 200-day simple moving average is $93.33. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of -96.89 and a beta of 0.83. Blueprint Medicines has a 12-month low of $73.04 and a 12-month high of $121.90.

Blueprint Medicines (NASDAQ:BPMC) last issued its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.32). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The business had revenue of $149.41 million for the quarter, compared to the consensus estimate of $158.31 million. During the same quarter in the previous year, the company earned $1.40 earnings per share. The firm’s revenue was up 55.5% on a year-over-year basis. On average, equities research analysts anticipate that Blueprint Medicines will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Blueprint Medicines news, COO Christina Rossi sold 2,274 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $95.02, for a total value of $216,075.48. Following the sale, the chief operating officer now directly owns 69,266 shares of the company’s stock, valued at approximately $6,581,655.32. This represents a 3.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ariel Hurley sold 3,203 shares of Blueprint Medicines stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.62, for a total value of $296,661.86. Following the transaction, the insider now owns 18,270 shares of the company’s stock, valued at $1,692,167.40. The trade was a 14.92 % decrease in their position. The disclosure for this sale can be found here. 4.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp boosted its holdings in Blueprint Medicines by 4.7% during the first quarter. Fifth Third Bancorp now owns 3,221 shares of the biotechnology company’s stock worth $285,000 after buying an additional 146 shares in the last quarter. Torray Investment Partners LLC boosted its stake in shares of Blueprint Medicines by 1.1% during the 4th quarter. Torray Investment Partners LLC now owns 16,499 shares of the biotechnology company’s stock worth $1,439,000 after acquiring an additional 186 shares in the last quarter. Xponance Inc. grew its position in shares of Blueprint Medicines by 5.0% during the 1st quarter. Xponance Inc. now owns 5,021 shares of the biotechnology company’s stock valued at $444,000 after acquiring an additional 240 shares during the period. Sherbrooke Park Advisers LLC increased its stake in shares of Blueprint Medicines by 8.4% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 3,374 shares of the biotechnology company’s stock valued at $294,000 after purchasing an additional 261 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Blueprint Medicines by 0.7% in the 3rd quarter. Franklin Resources Inc. now owns 36,761 shares of the biotechnology company’s stock worth $3,259,000 after purchasing an additional 265 shares during the period.

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.