JMP Securities Reaffirms Market Outperform Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “market outperform” rating reaffirmed by investment analysts at JMP Securities in a note issued to investors on Monday,Benzinga reports. They presently have a $125.00 price target on the biotechnology company’s stock. JMP Securities’ price target suggests a potential upside of 41.08% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. StockNews.com raised Blueprint Medicines from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Barclays raised their target price on shares of Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Needham & Company LLC restated a “buy” rating and issued a $135.00 target price on shares of Blueprint Medicines in a report on Friday. Robert W. Baird lifted their price target on Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. started coverage on Blueprint Medicines in a research report on Thursday. They set an “overweight” rating and a $126.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Price Performance

NASDAQ BPMC traded down $0.09 on Monday, hitting $88.60. The stock had a trading volume of 132,629 shares, compared to its average volume of 690,422. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.27 and a current ratio of 3.32. Blueprint Medicines has a 52-week low of $63.50 and a 52-week high of $121.90. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of -41.99 and a beta of 0.59. The firm has a 50-day moving average of $89.59 and a 200-day moving average of $98.94.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.97) by $0.08. The business had revenue of $128.20 million for the quarter, compared to analyst estimates of $127.56 million. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. Blueprint Medicines’s revenue for the quarter was up 126.5% compared to the same quarter last year. During the same period last year, the company earned ($2.20) EPS. Equities analysts expect that Blueprint Medicines will post -3.61 EPS for the current year.

Insider Buying and Selling at Blueprint Medicines

In other news, insider Fouad Namouni sold 3,633 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total value of $324,499.56. Following the sale, the insider now directly owns 69,070 shares of the company’s stock, valued at $6,169,332.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blueprint Medicines

A number of hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC purchased a new position in Blueprint Medicines during the second quarter worth approximately $1,060,000. Comerica Bank grew its holdings in shares of Blueprint Medicines by 2,582.9% in the first quarter. Comerica Bank now owns 10,839 shares of the biotechnology company’s stock valued at $1,028,000 after purchasing an additional 10,435 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Blueprint Medicines by 27.8% in the second quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock valued at $6,721,000 after acquiring an additional 13,579 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Blueprint Medicines by 82.8% during the second quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company’s stock worth $2,337,000 after buying an additional 9,819 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Blueprint Medicines by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,309,977 shares of the biotechnology company’s stock valued at $598,564,000 after purchasing an additional 195,007 shares in 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.