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

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $135.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 31.63% from the company’s previous close.

BPMC has been the subject of several other research reports. Stephens restated an “overweight” rating and issued a $140.00 target price on shares of Blueprint Medicines in a report on Thursday, January 2nd. JPMorgan Chase & Co. began coverage on shares of Blueprint Medicines in a research note on Thursday, November 14th. They issued an “overweight” rating and a $126.00 price objective for the company. Wells Fargo & Company dropped their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. UBS Group assumed coverage on Blueprint Medicines in a report on Thursday, October 24th. They issued a “neutral” rating and a $88.00 target price for the company. Finally, JMP Securities restated a “market outperform” rating and set a $125.00 price target on shares of Blueprint Medicines in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Blueprint Medicines presently has an average rating of “Moderate Buy” and an average price target of $122.72.

Blueprint Medicines Stock Performance

NASDAQ:BPMC opened at $102.56 on Monday. Blueprint Medicines has a 12 month low of $72.24 and a 12 month high of $121.90. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.32 and a quick ratio of 3.27. The firm has a market capitalization of $6.52 billion, a PE ratio of -48.61 and a beta of 0.61. The business’s fifty day moving average price is $93.65 and its 200 day moving average price is $95.33.

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 business had revenue of $128.20 million for the quarter, compared to the consensus estimate of $127.56 million. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The business’s revenue for the quarter was up 126.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($2.20) EPS. On average, sell-side analysts anticipate that Blueprint Medicines will post -3.68 earnings per share for the current fiscal year.

Insider Transactions at Blueprint Medicines

In other Blueprint Medicines news, CEO Kate Haviland sold 2,353 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $96.60, for a total value of $227,299.80. Following the completion of the sale, the chief executive officer now owns 150,824 shares of the company’s stock, valued at approximately $14,569,598.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Christina Rossi sold 2,274 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $95.91, for a total transaction of $218,099.34. Following the sale, the chief operating officer now owns 69,383 shares in the company, valued at $6,654,523.53. The trade was a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,720 shares of company stock worth $2,177,846. Company insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC acquired a new stake in shares of Blueprint Medicines in the 2nd quarter worth approximately $1,060,000. Federated Hermes Inc. grew its holdings in Blueprint Medicines by 27.8% in the second quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock valued at $6,721,000 after purchasing an additional 13,579 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Blueprint Medicines by 48.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 252,236 shares of the biotechnology company’s stock valued at $23,332,000 after buying an additional 82,693 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Blueprint Medicines during the 3rd quarter worth $999,000. Finally, Fred Alger Management LLC boosted its position in shares of Blueprint Medicines by 187.3% in the 2nd quarter. Fred Alger Management LLC now owns 48,588 shares of the biotechnology company’s stock worth $5,237,000 after buying an additional 31,675 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.