Blueprint Medicines’ (BPMC) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a report released on Thursday, Benzinga reports. They currently have a $130.00 target price on the biotechnology company’s stock.

BPMC has been the subject of a number of other research reports. Morgan Stanley increased their target price on shares of Blueprint Medicines from $110.00 to $115.00 and gave the company an equal weight rating in a research report on Friday, July 12th. Wedbush reiterated an outperform rating and issued a $110.00 target price on shares of Blueprint Medicines in a research note on Friday, April 26th. Stifel Nicolaus upped their price objective on shares of Blueprint Medicines from $120.00 to $130.00 and gave the stock a buy rating in a report on Friday, April 26th. HC Wainwright upped their price target on Blueprint Medicines from $125.00 to $135.00 and gave the stock a buy rating in a report on Friday, May 3rd. Finally, Stephens began coverage on shares of Blueprint Medicines in a research note on Tuesday, May 14th. They issued an overweight rating and a $140.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Blueprint Medicines has a consensus rating of Moderate Buy and a consensus price target of $120.00.

Blueprint Medicines Trading Down 2.8 %

Shares of Blueprint Medicines stock traded down $2.69 during mid-day trading on Thursday, hitting $94.03. 844,866 shares of the stock were exchanged, compared to its average volume of 725,523. The stock has a market capitalization of $5.89 billion, a price-to-earnings ratio of -20.11 and a beta of 0.63. The company has a current ratio of 3.76, a quick ratio of 3.61 and a debt-to-equity ratio of 0.67. Blueprint Medicines has a twelve month low of $43.89 and a twelve month high of $121.90. The company has a 50-day simple moving average of $108.75 and a 200 day simple moving average of $97.33.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.49. The firm had revenue of $138.20 million for the quarter, compared to analysts’ expectations of $104.02 million. Blueprint Medicines had a negative net margin of 56.64% and a negative return on equity of 176.65%. Blueprint Medicines’s revenue was up 139.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.19) earnings per share. Research analysts forecast that Blueprint Medicines will post -4.67 EPS for the current year.

Insider Buying and Selling

In other news, insider L. Becker Hewes sold 4,922 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $106.43, for a total transaction of $523,848.46. Following the completion of the sale, the insider now owns 31,938 shares of the company’s stock, valued at $3,399,161.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Blueprint Medicines news, insider L. Becker Hewes sold 4,922 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $106.43, for a total value of $523,848.46. Following the completion of the transaction, the insider now owns 31,938 shares in the company, valued at $3,399,161.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Debra Durso-Bumpus sold 333 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $111.15, for a total transaction of $37,012.95. Following the sale, the insider now owns 43,763 shares of the company’s stock, valued at $4,864,257.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,064 shares of company stock worth $13,716,726. Insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Several hedge funds have recently made changes to their positions in the business. Triad Wealth Partners LLC purchased a new stake in Blueprint Medicines in the second quarter worth about $27,000. Covestor Ltd boosted its position in Blueprint Medicines by 9,700.0% in the 1st quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 291 shares in the last quarter. Headlands Technologies LLC raised its holdings in Blueprint Medicines by 105.2% in the 1st quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 342 shares during the period. Natixis acquired a new stake in Blueprint Medicines in the 1st quarter worth about $73,000. Finally, Van ECK Associates Corp raised its holdings in Blueprint Medicines by 28.4% in the 4th quarter. Van ECK Associates Corp now owns 872 shares of the biotechnology company’s stock valued at $80,000 after acquiring an additional 193 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.