Blueprint Medicines (NASDAQ:BPMC) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research note released on Thursday,Benzinga reports. Needham & Company LLC currently has a $133.00 price objective on the biotechnology company’s stock.

BPMC has been the subject of several other research reports. Stephens reaffirmed an “overweight” rating and issued a $140.00 target price on shares of Blueprint Medicines in a research report on Thursday, January 2nd. Wells Fargo & Company decreased their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $135.00 price objective on shares of Blueprint Medicines in a research note on Friday, November 15th. JMP Securities reissued a “market outperform” rating and set a $125.00 target price on shares of Blueprint Medicines in a research note on Wednesday, January 15th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $124.00 price target (down from $135.00) on shares of Blueprint Medicines in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $123.83.

Blueprint Medicines Price Performance

BPMC stock opened at $95.19 on Thursday. Blueprint Medicines has a one year low of $72.24 and a one year high of $121.90. The firm has a 50-day moving average of $99.65 and a two-hundred day moving average of $94.77. The firm has a market capitalization of $6.05 billion, a PE ratio of -45.11 and a beta of 0.62. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. On average, analysts forecast that Blueprint Medicines will post -3.63 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In other news, COO Christina Rossi sold 2,274 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $95.10, for a total value of $216,257.40. Following the sale, the chief operating officer now directly owns 71,657 shares of the company’s stock, valued at approximately $6,814,580.70. This trade represents a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey W. Albers sold 15,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $89.77, for a total value of $1,346,550.00. Following the transaction, the director now directly owns 157,557 shares of the company’s stock, valued at $14,143,891.89. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,851 shares of company stock worth $4,984,696 over the last 90 days. Insiders own 4.21% of the company’s stock.

Institutional Investors Weigh In On Blueprint Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Blueprint Medicines by 22.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock valued at $366,726,000 after purchasing an additional 729,055 shares during the last quarter. Norges Bank bought a new position in shares of Blueprint Medicines during the 4th quarter worth about $62,028,000. State Street Corp raised its position in shares of Blueprint Medicines by 16.2% during the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after buying an additional 385,818 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Blueprint Medicines in the fourth quarter valued at about $31,417,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Blueprint Medicines by 161.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 496,087 shares of the biotechnology company’s stock worth $45,888,000 after buying an additional 306,079 shares in 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.