Needham & Company LLC Reiterates Buy Rating for Blueprint Medicines (NASDAQ:BPMC)

Needham & Company LLC reiterated their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research report report published on Friday,Benzinga reports. They currently have a $135.00 price target on the biotechnology company’s stock.

A number of other equities research analysts have also recently weighed in on BPMC. JPMorgan Chase & Co. started coverage on shares of Blueprint Medicines in a research report on Thursday. They set an “overweight” rating and a $126.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $135.00 target price on shares of Blueprint Medicines in a research report on Thursday. Guggenheim upped their price target on Blueprint Medicines from $130.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays boosted their price objective on Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Robert W. Baird raised their target price on Blueprint Medicines from $112.00 to $127.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Blueprint Medicines presently has an average rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Stock Down 7.3 %

BPMC stock opened at $88.69 on Friday. Blueprint Medicines has a one year low of $62.56 and a one year high of $121.90. The firm has a market cap of $5.63 billion, a PE ratio of -42.03 and a beta of 0.59. The firm’s 50 day moving average price is $89.59 and its 200-day moving average price is $98.94. 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 (NASDAQ:BPMC) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) EPS for the quarter, beating 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%. The company’s quarterly revenue was up 126.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.20) EPS. On average, equities research analysts anticipate that Blueprint Medicines will post -3.61 EPS for the current year.

Insiders Place Their Bets

In related news, insider Fouad Namouni sold 3,633 shares of the business’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 completion of the sale, the insider now directly owns 69,070 shares of the company’s stock, valued at $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.21% of the stock is owned by corporate insiders.

Institutional Trading of Blueprint Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the company. Triad Wealth Partners LLC purchased a new position in Blueprint Medicines during the 2nd quarter worth approximately $27,000. Covestor Ltd boosted its holdings in shares of Blueprint Medicines by 9,700.0% in the first quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 291 shares during the period. Quarry LP acquired a new position in shares of Blueprint Medicines in the 3rd quarter valued at $32,000. Headlands Technologies LLC raised its position in Blueprint Medicines by 105.2% in the 1st quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock valued at $63,000 after purchasing an additional 342 shares during the last quarter. Finally, Natixis acquired a new stake in Blueprint Medicines during the 1st quarter worth $73,000.

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.