Blueprint Medicines (NASDAQ:BPMC) Price Target Raised to $104.00

Blueprint Medicines (NASDAQ:BPMC) had its price objective increased by Piper Sandler from $78.00 to $104.00 in a research note published on Friday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the biotechnology company’s stock.

Several other equities research analysts have also issued reports on BPMC. JMP Securities reissued a market outperform rating and set a $114.00 price objective on shares of Blueprint Medicines in a research note on Wednesday, April 10th. Citigroup raised their target price on shares of Blueprint Medicines from $54.00 to $65.00 and gave the company a sell rating in a research note on Friday, February 16th. Wedbush reissued an outperform rating and issued a $110.00 price target on shares of Blueprint Medicines in a research note on Friday, April 26th. Stifel Nicolaus increased their price target 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. Finally, Needham & Company LLC reaffirmed a buy rating and set a $97.00 price objective on shares of Blueprint Medicines in a report on Thursday. Three analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $94.87.

Blueprint Medicines Stock Performance

BPMC stock opened at $107.19 on Friday. The business has a 50 day moving average of $91.77 and a 200-day moving average of $80.73. The company has a quick ratio of 3.66, a current ratio of 3.76 and a debt-to-equity ratio of 1.60. Blueprint Medicines has a 12-month low of $43.89 and a 12-month high of $110.93. The firm has a market cap of $6.56 billion, a PE ratio of -22.28 and a beta of 0.65.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($1.82) EPS for the quarter, beating analysts’ consensus estimates of ($2.04) by $0.22. Blueprint Medicines had a negative return on equity of 215.07% and a negative net margin of 102.15%. The firm had revenue of $71.96 million for the quarter, compared to analysts’ expectations of $67.34 million. During the same quarter in the prior year, the firm earned ($2.65) EPS. The business’s revenue for the quarter was up 85.5% compared to the same quarter last year. As a group, sell-side analysts expect that Blueprint Medicines will post -5.38 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Michael Landsittel sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $95.00, for a total transaction of $475,000.00. Following the completion of the sale, the chief financial officer now owns 47,286 shares of the company’s stock, valued at $4,492,170. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Blueprint Medicines news, CFO Michael Landsittel sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $95.00, for a total value of $475,000.00. Following the completion of the sale, the chief financial officer now owns 47,286 shares in the company, valued at approximately $4,492,170. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christopher K. Murray sold 621 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $93.65, for a total value of $58,156.65. Following the completion of the sale, the insider now directly owns 36,374 shares of the company’s stock, valued at approximately $3,406,425.10. The disclosure for this sale can be found here. Insiders have sold a total of 92,289 shares of company stock worth $8,314,163 in the last ninety days. 3.88% of the stock is owned by insiders.

Institutional Investors Weigh In On Blueprint Medicines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BPMC. Vanguard Group Inc. boosted its holdings in shares of Blueprint Medicines by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 6,114,970 shares of the biotechnology company’s stock valued at $564,045,000 after buying an additional 147,827 shares in the last quarter. Wellington Management Group LLP boosted its stake in Blueprint Medicines by 3.2% during the third quarter. Wellington Management Group LLP now owns 5,080,521 shares of the biotechnology company’s stock worth $255,144,000 after acquiring an additional 156,807 shares in the last quarter. Rock Springs Capital Management LP grew its holdings in Blueprint Medicines by 22.8% in the third quarter. Rock Springs Capital Management LP now owns 2,685,294 shares of the biotechnology company’s stock worth $134,855,000 after purchasing an additional 498,622 shares during the period. Polar Capital Holdings Plc increased its stake in shares of Blueprint Medicines by 108.0% during the third quarter. Polar Capital Holdings Plc now owns 1,040,000 shares of the biotechnology company’s stock valued at $52,229,000 after purchasing an additional 540,000 shares in the last quarter. Finally, Avidity Partners Management LP lifted its holdings in shares of Blueprint Medicines by 81.1% during the third quarter. Avidity Partners Management LP now owns 751,600 shares of the biotechnology company’s stock valued at $37,745,000 after purchasing an additional 336,600 shares during the last quarter.

Blueprint Medicines Company Profile

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.