Blueprint Medicines (NASDAQ:BPMC) Shares Gap Down – Here’s What Happened

Blueprint Medicines Co. (NASDAQ:BPMC) shares gapped down prior to trading on Thursday . The stock had previously closed at $103.56, but opened at $95.00. Blueprint Medicines shares last traded at $96.61, with a volume of 567,493 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BPMC shares. Piper Sandler lifted their price target on shares of Blueprint Medicines from $109.00 to $119.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Needham & Company LLC reiterated a “buy” rating and issued a $133.00 target price on shares of Blueprint Medicines in a research note on Thursday. UBS Group initiated coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $135.00 price objective on shares of Blueprint Medicines in a research report on Friday, November 15th. Finally, JMP Securities reissued a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $123.61.

Blueprint Medicines Price Performance

The company has a 50 day moving average of $99.65 and a 200 day moving average of $94.77. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of -45.63 and a beta of 0.62.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings data on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. Equities research analysts predict that Blueprint Medicines Co. will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Blueprint Medicines news, Director Jeffrey W. Albers sold 15,000 shares of Blueprint Medicines stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $89.77, for a total value of $1,346,550.00. Following the sale, the director now directly owns 157,557 shares in the company, valued at approximately $14,143,891.89. The trade was a 8.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ariel Hurley sold 1,819 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $93.26, for a total value of $169,639.94. Following the completion of the transaction, the insider now owns 14,967 shares of the company’s stock, valued at $1,395,822.42. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,851 shares of company stock valued at $4,984,696. Company insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in BPMC. Invesco Ltd. grew its position in shares of Blueprint Medicines by 6.7% in the 4th quarter. Invesco Ltd. now owns 960,437 shares of the biotechnology company’s stock valued at $83,769,000 after acquiring an additional 60,081 shares during the period. Cerity Partners LLC acquired a new stake in Blueprint Medicines in the 4th quarter valued at about $291,000. Federated Hermes Inc. grew its holdings in Blueprint Medicines by 1.9% during the fourth quarter. Federated Hermes Inc. now owns 156,284 shares of the biotechnology company’s stock worth $13,631,000 after purchasing an additional 2,983 shares during the period. Russell Investments Group Ltd. increased its position in Blueprint Medicines by 15.5% during the fourth quarter. Russell Investments Group Ltd. now owns 125,902 shares of the biotechnology company’s stock worth $10,981,000 after buying an additional 16,874 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Blueprint Medicines by 13.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 32,115 shares of the biotechnology company’s stock valued at $2,801,000 after buying an additional 3,723 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.