HC Wainwright Reaffirms Buy Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They presently have a $135.00 price target on the biotechnology company’s stock. HC Wainwright’s target price would indicate a potential upside of 41.14% from the stock’s current price.

Several other research analysts also recently commented on the company. Wells Fargo & Company decreased their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $133.00 price objective on shares of Blueprint Medicines in a research note on Wednesday, October 30th. StockNews.com raised shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Wedbush reissued an “outperform” rating and set a $135.00 price target on shares of Blueprint Medicines in a research report on Thursday. Finally, Barclays boosted their price objective on shares of Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.11.

Blueprint Medicines Stock Performance

Shares of NASDAQ BPMC opened at $95.65 on Friday. The stock’s 50-day moving average is $89.55 and its 200 day moving average is $98.89. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of -45.33 and a beta of 0.59. Blueprint Medicines has a 1-year low of $62.56 and a 1-year high of $121.90. 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 announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.08. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. The firm had revenue of $128.20 million during the quarter, compared to analyst estimates of $127.56 million. During the same period in the previous year, the business posted ($2.20) EPS. The business’s quarterly revenue was up 126.5% on a year-over-year basis. On average, sell-side analysts anticipate that Blueprint Medicines will post -3.61 EPS for the current fiscal year.

Insider Activity at Blueprint Medicines

In other news, insider Fouad Namouni sold 3,633 shares of Blueprint Medicines stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total value of $324,499.56. Following the completion of the transaction, the insider now owns 69,070 shares of the company’s stock, valued at $6,169,332.40. The trade was a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Erste Asset Management GmbH bought a new position in Blueprint Medicines in the 3rd quarter valued at approximately $2,323,000. Edgestream Partners L.P. lifted its position in Blueprint Medicines by 443.7% during the third quarter. Edgestream Partners L.P. now owns 56,123 shares of the biotechnology company’s stock valued at $5,191,000 after purchasing an additional 45,800 shares during the period. Eventide Asset Management LLC grew its position in Blueprint Medicines by 50.5% in the 3rd quarter. Eventide Asset Management LLC now owns 348,704 shares of the biotechnology company’s stock worth $32,255,000 after purchasing an additional 117,019 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Blueprint Medicines by 77.5% during the 3rd quarter. Verition Fund Management LLC now owns 9,759 shares of the biotechnology company’s stock valued at $903,000 after buying an additional 4,260 shares during the period. Finally, Captrust Financial Advisors increased its position in Blueprint Medicines by 3.4% during the third quarter. Captrust Financial Advisors now owns 17,904 shares of the biotechnology company’s stock valued at $1,656,000 after acquiring an additional 582 shares during 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.