Leerink Partnrs Upgrades Blueprint Medicines (NASDAQ:BPMC) to Market Perform

Leerink Partnrs upgraded shares of Blueprint Medicines (NASDAQ:BPMC) from an underperform rating to a market perform rating in a report published on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Blueprint Medicines’ Q2 2024 earnings at ($1.10) EPS, Q3 2024 earnings at ($0.87) EPS, Q4 2024 earnings at ($0.57) EPS, FY2024 earnings at ($3.82) EPS, FY2025 earnings at $1.71 EPS, FY2026 earnings at $4.42 EPS and FY2027 earnings at $5.34 EPS.

BPMC has been the subject of a number of other reports. JMP Securities boosted their target price on shares of Blueprint Medicines from $114.00 to $125.00 and gave the company a market outperform rating in a research note on Friday, May 3rd. SVB Leerink upgraded Blueprint Medicines from an underperform rating to a market perform rating and raised their target price for the company from $50.00 to $97.00 in a research report on Monday. Citigroup lifted their price objective on shares of Blueprint Medicines from $65.00 to $76.00 and gave the company a sell rating in a research note on Friday, May 3rd. Piper Sandler increased their target price on shares of Blueprint Medicines from $78.00 to $104.00 and gave the company a neutral rating in a research report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Blueprint Medicines from a sell rating to a hold rating in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $100.31.

Blueprint Medicines Stock Performance

Shares of BPMC stock opened at $108.34 on Monday. The company has a market cap of $6.63 billion, a P/E ratio of -22.52 and a beta of 0.65. Blueprint Medicines has a 52 week low of $43.89 and a 52 week high of $110.93. The company has a quick ratio of 3.61, a current ratio of 3.76 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average of $92.74 and a two-hundred day moving average of $82.19.

Blueprint Medicines (NASDAQ:BPMC) last issued its earnings results on Thursday, February 15th. The biotechnology company reported ($1.82) earnings per share for the quarter, topping the consensus estimate of ($2.04) by $0.22. Blueprint Medicines had a negative return on equity of 193.48% and a negative net margin of 102.15%. The firm had revenue of $71.96 million for the quarter, compared to analyst estimates of $67.34 million. During the same period last year, the company earned ($2.65) earnings per share. The firm’s revenue for the quarter was up 85.5% on a year-over-year basis. As a group, analysts anticipate that Blueprint Medicines will post -5.38 EPS for the current year.

Insider Activity at Blueprint Medicines

In other Blueprint Medicines news, insider Ariel Hurley sold 1,834 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $103.88, for a total transaction of $190,515.92. Following the completion of the sale, the insider now directly owns 14,913 shares in the company, valued at approximately $1,549,162.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Ariel Hurley sold 1,834 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $103.88, for a total transaction of $190,515.92. Following the transaction, the insider now owns 14,913 shares in the company, valued at approximately $1,549,162.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher K. Murray sold 5,000 shares of Blueprint Medicines stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the insider now directly owns 24,495 shares of the company’s stock, valued at approximately $2,449,500. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,123 shares of company stock worth $9,554,679. 3.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Blueprint Medicines

A number of hedge funds have recently bought and sold shares of the company. Readystate Asset Management LP bought a new position in shares of Blueprint Medicines during the 4th quarter worth about $3,692,000. American Century Companies Inc. raised its holdings in Blueprint Medicines by 5.2% in the 3rd quarter. American Century Companies Inc. now owns 670,972 shares of the biotechnology company’s stock valued at $33,696,000 after acquiring an additional 33,243 shares in the last quarter. Diversified Trust Co lifted its position in shares of Blueprint Medicines by 2.9% in the 3rd quarter. Diversified Trust Co now owns 11,219 shares of the biotechnology company’s stock worth $563,000 after acquiring an additional 318 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of Blueprint Medicines by 95.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,550 shares of the biotechnology company’s stock worth $78,000 after purchasing an additional 757 shares in the last quarter. Finally, Rafferty Asset Management LLC increased its position in shares of Blueprint Medicines by 17.4% during the third quarter. Rafferty Asset Management LLC now owns 166,690 shares of the biotechnology company’s stock valued at $8,371,000 after purchasing an additional 24,693 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.