Blueprint Medicines (NASDAQ:BPMC) Price Target Cut to $59.00

Posted by MarketBeat News on Aug 4th, 2022

Blueprint Medicines (NASDAQ:BPMC – Get Rating) had its target price cut by stock analysts at Piper Sandler from $65.00 to $59.00 in a note issued to investors on Tuesday, The Fly reports. Piper Sandler’s target price indicates a potential downside of 1.17% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company started coverage on Blueprint Medicines in a research note on Monday, June 27th. They set an “underweight” rating and a $40.00 price target for the company. Citigroup downgraded Blueprint Medicines from a “neutral” rating to a “sell” rating and cut their price target for the stock from $68.00 to $41.00 in a research note on Thursday, June 9th. HC Wainwright reissued a “buy” rating and issued a $100.00 price objective on shares of Blueprint Medicines in a research note on Friday, June 10th. Robert W. Baird cut their price objective on Blueprint Medicines from $123.00 to $96.00 in a research note on Wednesday, May 4th. Finally, Morgan Stanley cut their price objective on Blueprint Medicines from $92.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 14th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $92.67.

Blueprint Medicines Trading Up 6.1 %

Shares of Blueprint Medicines stock opened at $59.70 on Tuesday. The stock has a 50-day moving average price of $53.74 and a 200 day moving average price of $61.42. The company has a market cap of $3.56 billion, a P/E ratio of -5.40 and a beta of 0.94. Blueprint Medicines has a 1 year low of $43.46 and a 1 year high of $117.86.

Blueprint Medicines (NASDAQ:BPMC – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The biotechnology company reported ($2.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.23) by ($0.45). The business had revenue of $36.55 million during the quarter, compared to analysts’ expectations of $37.61 million. Blueprint Medicines had a negative return on equity of 35.24% and a negative net margin of 293.97%. The firm’s revenue was up 33.9% on a year-over-year basis. During the same period in the prior year, the company posted ($1.86) earnings per share. On average, equities analysts forecast that Blueprint Medicines will post -7.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Blueprint Medicines

In other Blueprint Medicines news, insider Percy H. Carter sold 1,908 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $59.76, for a total value of $114,022.08. Following the sale, the insider now owns 28,685 shares of the company’s stock, valued at approximately $1,714,215.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.34% of the company’s stock.

Institutional Trading of Blueprint Medicines

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Blueprint Medicines by 0.9% during the 1st quarter. BlackRock Inc. now owns 5,383,138 shares of the biotechnology company’s stock worth $343,876,000 after purchasing an additional 46,264 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Blueprint Medicines by 12.4% during the 1st quarter. Wellington Management Group LLP now owns 3,908,944 shares of the biotechnology company’s stock worth $249,703,000 after purchasing an additional 431,619 shares in the last quarter. State Street Corp grew its holdings in shares of Blueprint Medicines by 30.9% during the 1st quarter. State Street Corp now owns 2,266,894 shares of the biotechnology company’s stock worth $144,809,000 after purchasing an additional 535,424 shares in the last quarter. Cadian Capital Management LP grew its holdings in shares of Blueprint Medicines by 326.3% during the 1st quarter. Cadian Capital Management LP now owns 1,921,347 shares of the biotechnology company’s stock worth $122,736,000 after purchasing an additional 1,470,690 shares in the last quarter. Finally, William Blair Investment Management LLC grew its holdings in shares of Blueprint Medicines by 1.8% during the 4th quarter. William Blair Investment Management LLC now owns 1,747,721 shares of the biotechnology company’s stock worth $187,198,000 after purchasing an additional 30,557 shares in the last quarter. Institutional investors and hedge funds own 99.69% of the company’s stock.

About Blueprint Medicines

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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 non-advanced SM and other mast cell disorders; and Fisogatinib, an orally available and potent inhibitor for the treatment of hepatocellular carcinoma.