Blueprint Medicines (NASDAQ:BPMC) Shares Gap Up – Here’s Why

Blueprint Medicines Co. (NASDAQ:BPMC) gapped up prior to trading on Monday . The stock had previously closed at $87.43, but opened at $90.29. Blueprint Medicines shares last traded at $93.42, with a volume of 94,236 shares.

Analysts Set New Price Targets

BPMC has been the topic of a number of recent analyst reports. JMP Securities reissued a “market outperform” rating and set a $125.00 price target on shares of Blueprint Medicines in a research report on Monday, December 9th. JPMorgan Chase & Co. began coverage on Blueprint Medicines in a research note on Thursday, November 14th. They issued an “overweight” rating and a $126.00 target price on the stock. UBS Group started coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $124.00 price objective (down previously from $135.00) on shares of Blueprint Medicines in a research report on Monday. Finally, Wells Fargo & Company decreased their target price 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $122.72.

Blueprint Medicines Stock Performance

The business has a 50 day moving average of $93.42 and a 200-day moving average of $95.36. The company has a market capitalization of $6.13 billion, a P/E ratio of -45.75 and a beta of 0.61. 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 released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.08. The company had revenue of $128.20 million during the quarter, compared to analyst estimates of $127.56 million. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. Blueprint Medicines’s revenue was up 126.5% compared to the same quarter last year. During the same period last year, the business earned ($2.20) earnings per share. On average, sell-side analysts predict that Blueprint Medicines Co. will post -3.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Blueprint Medicines news, Director Jeffrey W. Albers sold 15,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 157,557 shares of the company’s stock, valued at $14,143,891.89. This represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kate Haviland sold 2,353 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $96.60, for a total transaction of $227,299.80. Following the completion of the sale, the chief executive officer now directly owns 150,824 shares of the company’s stock, valued at $14,569,598.40. This trade represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,720 shares of company stock worth $2,177,846 over the last ninety days. 4.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blueprint Medicines

Several institutional investors and hedge funds have recently bought and sold shares of BPMC. Quarry LP purchased a new position in shares of Blueprint Medicines in the third quarter valued at about $32,000. Covestor Ltd grew its position in shares of Blueprint Medicines by 206.7% in the 3rd quarter. Covestor Ltd now owns 598 shares of the biotechnology company’s stock worth $55,000 after buying an additional 403 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Blueprint Medicines during the third quarter valued at approximately $108,000. Values First Advisors Inc. purchased a new stake in Blueprint Medicines in the third quarter worth $122,000. Finally, CWM LLC boosted its holdings in Blueprint Medicines by 69.2% in the third quarter. CWM LLC now owns 1,870 shares of the biotechnology company’s stock valued at $173,000 after acquiring an additional 765 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.