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

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $130.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 20.62% from the company’s current price.

BPMC has been the topic of several other reports. JMP Securities reiterated a “market outperform” rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Friday, June 7th. Leerink Partnrs upgraded shares of Blueprint Medicines from an “underperform” rating to a “market perform” rating in a report on Monday, May 6th. Stephens started coverage on shares of Blueprint Medicines in a report on Tuesday, May 14th. They set an “overweight” rating and a $140.00 price objective on the stock. Piper Sandler raised their price target on shares of Blueprint Medicines from $78.00 to $104.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Finally, Stifel Nicolaus raised their price target on shares of Blueprint Medicines from $120.00 to $130.00 and gave the company a “buy” rating in a report on Friday, April 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Blueprint Medicines presently has a consensus rating of “Moderate Buy” and an average target price of $110.20.

Blueprint Medicines Price Performance

Blueprint Medicines stock opened at $107.78 on Friday. Blueprint Medicines has a 12-month low of $43.89 and a 12-month high of $111.42. The stock has a market capitalization of $6.75 billion, a P/E ratio of -22.41 and a beta of 0.70. The firm’s 50-day moving average is $103.28 and its two-hundred day moving average is $92.69. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.76 and a quick ratio of 3.61.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported ($1.32) earnings per share for the quarter, topping the consensus estimate of ($1.64) by $0.32. The business had revenue of $96.12 million for the quarter, compared to analyst estimates of $82.58 million. Blueprint Medicines had a negative net margin of 102.15% and a negative return on equity of 193.48%. Equities analysts predict that Blueprint Medicines will post -5.15 earnings per share for the current year.

Insider Activity

In other news, insider Debra Durso-Bumpus sold 74,034 shares of Blueprint Medicines stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $104.19, for a total transaction of $7,713,602.46. Following the sale, the insider now owns 43,763 shares in the company, valued at $4,559,666.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Debra Durso-Bumpus sold 74,034 shares of Blueprint Medicines stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $104.19, for a total transaction of $7,713,602.46. Following the sale, the insider now owns 43,763 shares in the company, valued at $4,559,666.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Percy H. Carter sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $105.13, for a total transaction of $420,520.00. Following the sale, the insider now directly owns 41,895 shares of the company’s stock, valued at approximately $4,404,421.35. The disclosure for this sale can be found here. Insiders have sold 128,898 shares of company stock worth $13,510,865 over the last 90 days. Company insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

A number of hedge funds have recently made changes to their positions in BPMC. Rhumbline Advisers grew its position in shares of Blueprint Medicines by 1.6% during the third quarter. Rhumbline Advisers now owns 85,202 shares of the biotechnology company’s stock worth $4,279,000 after buying an additional 1,332 shares in the last quarter. Northern Trust Corp grew its position in shares of Blueprint Medicines by 0.5% during the third quarter. Northern Trust Corp now owns 588,460 shares of the biotechnology company’s stock worth $29,552,000 after buying an additional 2,763 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Blueprint Medicines during the third quarter worth approximately $299,000. Nomura Holdings Inc. acquired a new position in Blueprint Medicines in the third quarter worth $527,000. Finally, Corton Capital Inc. boosted its holdings in Blueprint Medicines by 44.5% in the third quarter. Corton Capital Inc. now owns 6,834 shares of the biotechnology company’s stock worth $343,000 after purchasing an additional 2,103 shares during the period.

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.