Piper Sandler Forecasts Strong Price Appreciation for Blueprint Medicines (NASDAQ:BPMC) Stock

Blueprint Medicines (NASDAQ:BPMC) had its price objective boosted by Piper Sandler from $109.00 to $119.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

A number of other research firms have also issued reports on BPMC. JPMorgan Chase & Co. initiated coverage on Blueprint Medicines in a report on Thursday, November 14th. They issued an “overweight” rating and a $126.00 target price on the stock. StockNews.com upgraded shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. UBS Group initiated coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $124.00 price target (down from $135.00) on shares of Blueprint Medicines in a research note on Monday, January 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 target price on shares of Blueprint Medicines in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $123.56.

Blueprint Medicines Price Performance

Shares of NASDAQ:BPMC opened at $113.88 on Monday. The company’s fifty day moving average price is $96.28 and its 200 day moving average price is $95.16. The firm has a market capitalization of $7.23 billion, a P/E ratio of -53.97 and a beta of 0.61. 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.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating the consensus estimate of ($0.97) by $0.08. The business had revenue of $128.20 million during 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 period in the prior year, the company earned ($2.20) earnings per share. As a group, sell-side analysts predict that Blueprint Medicines will post -3.67 earnings per share for the current fiscal year.

Insider Transactions at Blueprint Medicines

In related news, Director Jeffrey W. Albers sold 15,161 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $109.53, for a total value of $1,660,584.33. Following the completion of the sale, the director now directly owns 152,396 shares in the company, valued at approximately $16,691,933.88. This represents a 9.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Christina Rossi sold 2,274 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $110.14, for a total value of $250,458.36. Following the sale, the chief operating officer now owns 67,109 shares in the company, valued at approximately $7,391,385.26. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,851 shares of company stock worth $4,984,696 in the last ninety days. Insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

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