Corebridge Financial Inc. Trims Stock Position in Blueprint Medicines Co. (NASDAQ:BPMC)

Corebridge Financial Inc. trimmed its position in Blueprint Medicines Co. (NASDAQ:BPMC) by 6.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 31,613 shares of the biotechnology company’s stock after selling 2,006 shares during the period. Corebridge Financial Inc.’s holdings in Blueprint Medicines were worth $2,757,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new position in Blueprint Medicines in the third quarter worth approximately $32,000. R Squared Ltd acquired a new position in shares of Blueprint Medicines in the 4th quarter valued at $51,000. Asset Management One Co. Ltd. purchased a new position in shares of Blueprint Medicines during the 4th quarter worth $88,000. Van ECK Associates Corp increased its position in shares of Blueprint Medicines by 48.2% during the 4th quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock worth $97,000 after purchasing an additional 363 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Blueprint Medicines in the 3rd quarter valued at about $108,000.

Insiders Place Their Bets

In other news, COO Christina Rossi sold 2,274 shares of Blueprint Medicines stock in a transaction on Monday, March 24th. The shares were sold at an average price of $95.02, for a total value of $216,075.48. Following the transaction, the chief operating officer now directly owns 69,266 shares of the company’s stock, valued at $6,581,655.32. The trade was a 3.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ariel Hurley sold 3,203 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.62, for a total transaction of $296,661.86. Following the sale, the insider now owns 18,270 shares of the company’s stock, valued at approximately $1,692,167.40. This represents a 14.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,608 shares of company stock valued at $3,319,587 over the last quarter. Company insiders own 4.21% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $128.00 target price on shares of Blueprint Medicines in a research note on Friday, February 28th. Morgan Stanley initiated coverage on shares of Blueprint Medicines in a report on Thursday, March 20th. They issued an “equal weight” rating and a $100.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $133.00 price target on shares of Blueprint Medicines in a research report on Thursday, February 13th. JPMorgan Chase & Co. boosted their price objective on Blueprint Medicines from $126.00 to $129.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Finally, Jefferies Financial Group started coverage on Blueprint Medicines in a report on Monday, March 17th. They set a “buy” rating and a $135.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $124.95.

Blueprint Medicines Price Performance

Shares of NASDAQ BPMC opened at $88.51 on Tuesday. The firm has a market capitalization of $5.66 billion, a PE ratio of -81.95 and a beta of 0.58. Blueprint Medicines Co. has a fifty-two week low of $80.68 and a fifty-two week high of $121.90. The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.80 and a current ratio of 2.85. The stock’s 50-day simple moving average is $97.70 and its 200-day simple moving average is $94.07.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings data on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. As a group, equities research analysts forecast that Blueprint Medicines Co. will post -1.28 EPS for the current fiscal year.

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.