Wedbush Reaffirms “Outperform” Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a research note issued to investors on Monday, Marketbeat reports. They currently have a $124.00 price objective on the biotechnology company’s stock, down from their prior price objective of $135.00. Wedbush’s target price suggests a potential upside of 20.90% from the company’s current price.

Other analysts have also issued reports about the company. 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 began coverage on shares of Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price for the company. Stephens reissued an “overweight” rating and issued a $140.00 price target on shares of Blueprint Medicines in a research report on Thursday, January 2nd. JMP Securities reaffirmed a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a report on Monday, December 9th. Finally, Guggenheim restated a “buy” rating on shares of Blueprint Medicines in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $122.72.

Blueprint Medicines Price Performance

BPMC opened at $102.56 on Monday. Blueprint Medicines has a 1 year low of $72.24 and a 1 year 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 company has a market capitalization of $6.52 billion, a price-to-earnings ratio of -48.61 and a beta of 0.61. The firm’s fifty day moving average price is $93.65 and its two-hundred day moving average price is $95.33.

Blueprint Medicines (NASDAQ:BPMC) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.08. The firm 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 company’s revenue was up 126.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($2.20) EPS. As a group, analysts anticipate that Blueprint Medicines will post -3.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Christina Rossi sold 2,274 shares of Blueprint Medicines stock in a transaction that occurred 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 directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ariel Hurley sold 1,819 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $93.26, for a total transaction of $169,639.94. Following the completion of the transaction, the insider now owns 14,967 shares of the company’s stock, valued at approximately $1,395,822.42. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,720 shares of company stock valued at $2,177,846 over the last ninety days. 4.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Blueprint Medicines

Institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank grew its position in Blueprint Medicines by 5.3% in the 2nd quarter. Amalgamated Bank now owns 2,154 shares of the biotechnology company’s stock worth $232,000 after purchasing an additional 109 shares during the period. Pallas Capital Advisors LLC grew its position in shares of Blueprint Medicines by 3.2% during the third quarter. Pallas Capital Advisors LLC now owns 5,657 shares of the biotechnology company’s stock worth $523,000 after purchasing an additional 176 shares in the last quarter. Clarus Wealth Advisors raised its position in shares of Blueprint Medicines by 8.6% during the third quarter. Clarus Wealth Advisors now owns 2,590 shares of the biotechnology company’s stock valued at $231,000 after buying an additional 206 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Blueprint Medicines by 5.2% in the 2nd quarter. Mackenzie Financial Corp now owns 4,885 shares of the biotechnology company’s stock valued at $527,000 after acquiring an additional 243 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Blueprint Medicines by 0.7% in the third quarter. Franklin Resources Inc. now owns 36,761 shares of the biotechnology company’s stock worth $3,259,000 after purchasing an additional 265 shares during 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.