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

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

BPMC has been the topic of several other research reports. HC Wainwright reaffirmed a “buy” rating and set a $135.00 price target on shares of Blueprint Medicines in a research note on Friday. Barclays upped their target price 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. UBS Group began coverage on shares of Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Finally, Wedbush reaffirmed an “outperform” rating and set a $135.00 target price on shares of Blueprint Medicines in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Stock Up 1.7 %

Shares of NASDAQ:BPMC opened at $90.18 on Friday. Blueprint Medicines has a 12 month low of $63.50 and a 12 month high of $121.90. The firm has a market cap of $5.73 billion, a P/E ratio of -42.74 and a beta of 0.59. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09. The company’s 50-day moving average price is $89.67 and its two-hundred day moving average price is $98.82.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating 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 business had revenue of $128.20 million during the quarter, compared to analyst estimates of $127.56 million. During the same quarter last year, the business posted ($2.20) earnings per share. Blueprint Medicines’s revenue for the quarter was up 126.5% compared to the same quarter last year. As a group, research analysts forecast that Blueprint Medicines will post -3.61 EPS for the current fiscal year.

Insider Buying and Selling

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of Blueprint Medicines stock in a transaction that occurred 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 transaction, the insider now owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in Blueprint Medicines by 15.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,250,823 shares of the biotechnology company’s stock worth $592,954,000 after purchasing an additional 821,868 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Blueprint Medicines by 22.5% during the third quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after buying an additional 729,055 shares during the period. Millennium Management LLC grew its holdings in shares of Blueprint Medicines by 540.0% during the second quarter. Millennium Management LLC now owns 627,626 shares of the biotechnology company’s stock worth $67,646,000 after buying an additional 529,566 shares in the last quarter. 1832 Asset Management L.P. raised its position in Blueprint Medicines by 200,159.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 502,651 shares of the biotechnology company’s stock valued at $54,176,000 after buying an additional 502,400 shares during the last quarter. Finally, State Street Corp lifted its stake in Blueprint Medicines by 16.2% in the 3rd quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after acquiring an additional 385,818 shares in 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.