Wolfe Research Begins Coverage on Blueprint Medicines (NASDAQ:BPMC)

Equities research analysts at Wolfe Research began coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set an “outperform” rating on the biotechnology company’s stock.

A number of other analysts have also recently issued reports on the company. JMP Securities reissued a “market outperform” rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Friday, February 14th. Jefferies Financial Group started coverage on shares of Blueprint Medicines in a report on Monday. They issued a “buy” rating and a $135.00 price target on the stock. Scotiabank started coverage on shares of Blueprint Medicines in a research note on Friday, March 7th. They set a “sector outperform” rating and a $150.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $135.00 target price on shares of Blueprint Medicines in a report on Friday, February 14th. Finally, Piper Sandler increased their target price on shares of Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Blueprint Medicines currently has a consensus rating of “Moderate Buy” and an average target price of $125.70.

Blueprint Medicines Stock Performance

Shares of BPMC stock opened at $90.48 on Tuesday. The firm’s 50 day moving average is $99.49 and its 200 day moving average is $93.96. The stock has a market capitalization of $5.78 billion, a P/E ratio of -83.78 and a beta of 0.58. Blueprint Medicines has a 12 month low of $80.68 and a 12 month high of $121.90. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15.

Blueprint Medicines (NASDAQ:BPMC) last issued its 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 13.19% and a negative return on equity of 77.49%. On average, sell-side analysts anticipate that Blueprint Medicines will post -1.28 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In other news, insider Ariel Hurley sold 2,250 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $100.00, for a total value of $225,000.00. Following the completion of the sale, the insider now owns 14,967 shares of the company’s stock, valued at approximately $1,496,700. This represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kate Haviland sold 1,446 shares of Blueprint Medicines stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $110.24, for a total transaction of $159,407.04. Following the completion of the transaction, the chief executive officer now owns 149,378 shares in the company, valued at approximately $16,467,430.72. The trade was a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,334 shares of company stock worth $3,103,512 over the last ninety days. Insiders own 4.21% of the company’s stock.

Institutional Investors Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Blueprint Medicines by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 6,774,884 shares of the biotechnology company’s stock worth $590,905,000 after acquiring an additional 91,450 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Blueprint Medicines by 5.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,679,089 shares of the biotechnology company’s stock worth $495,331,000 after purchasing an additional 291,822 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Blueprint Medicines by 8.0% in the fourth quarter. Wellington Management Group LLP now owns 4,281,364 shares of the biotechnology company’s stock worth $373,421,000 after purchasing an additional 316,754 shares during the last quarter. State Street Corp increased its stake in shares of Blueprint Medicines by 16.2% in the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock worth $255,827,000 after buying an additional 385,818 shares during the period. Finally, William Blair Investment Management LLC raised its holdings in Blueprint Medicines by 16.1% during the 4th quarter. William Blair Investment Management LLC now owns 1,944,695 shares of the biotechnology company’s stock valued at $169,616,000 after buying an additional 269,896 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.