Needham & Company LLC Reaffirms “Buy” Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $133.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 62.10% from the company’s previous close.

A number of other analysts have also commented on BPMC. JPMorgan Chase & Co. lifted their target price on Blueprint Medicines from $126.00 to $129.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. JMP Securities restated a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a research report on Friday, February 14th. Scotiabank initiated coverage on Blueprint Medicines in a report on Friday, March 7th. They issued a “sector outperform” rating and a $150.00 target price on the stock. Piper Sandler boosted their price objective on Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Finally, Morgan Stanley initiated coverage on Blueprint Medicines in a research note on Thursday, March 20th. They set an “equal weight” rating and a $100.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.95.

Blueprint Medicines Stock Up 3.6 %

BPMC stock opened at $82.05 on Tuesday. Blueprint Medicines has a twelve month low of $73.04 and a twelve month high of $121.90. The company has a quick ratio of 2.80, a current ratio of 2.85 and a debt-to-equity ratio of 1.15. The firm has a market cap of $5.24 billion, a PE ratio of -75.97 and a beta of 0.75. The business has a 50 day moving average of $92.19 and a 200 day moving average of $93.62.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings data on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share 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, research analysts forecast that Blueprint Medicines will post -1.28 EPS for the current fiscal year.

Insider Transactions at Blueprint Medicines

In other news, CEO Kate Haviland sold 1,446 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $110.24, for a total transaction of $159,407.04. Following the sale, the chief executive officer now directly owns 149,378 shares of the company’s stock, valued at $16,467,430.72. This represents a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ariel Hurley sold 2,250 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $100.00, for a total transaction of $225,000.00. Following the completion of the transaction, the insider now directly owns 14,967 shares in the company, valued at $1,496,700. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,608 shares of company stock valued at $3,319,587. Corporate insiders own 4.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new stake in shares of Blueprint Medicines during the 3rd quarter worth $32,000. State Street Corp increased its stake in Blueprint Medicines by 16.2% in the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after purchasing an additional 385,818 shares during the period. Y Intercept Hong Kong Ltd increased its stake in shares of Blueprint Medicines by 27.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 2,662 shares of the biotechnology company’s stock worth $246,000 after acquiring an additional 576 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in shares of Blueprint Medicines by 13.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 22,557 shares of the biotechnology company’s stock worth $2,087,000 after acquiring an additional 2,741 shares during the period. Finally, Geode Capital Management LLC grew its position in Blueprint Medicines by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,480,187 shares of the biotechnology company’s stock worth $136,942,000 after buying an additional 20,703 shares during the period.

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.