Blueprint Medicines (NASDAQ:BPMC) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC) in a research note released on Friday,Benzinga reports. They currently have a $135.00 price objective on the biotechnology company’s stock.

Other equities research analysts have also recently issued reports about the company. UBS Group initiated coverage on Blueprint Medicines in a research note on Thursday, October 24th. They set a “neutral” rating and a $88.00 target price for the company. Barclays upped their target price on Blueprint Medicines from $75.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Robert W. Baird upped their target price on Blueprint Medicines from $112.00 to $127.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. started coverage on Blueprint Medicines in a research note on Thursday. They issued an “overweight” rating and a $126.00 price target for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $135.00 price target on shares of Blueprint Medicines in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.11.

Blueprint Medicines Price Performance

Shares of BPMC stock traded down $6.96 during trading on Friday, hitting $88.69. The company had a trading volume of 1,001,074 shares, compared to its average volume of 692,935. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.27 and a current ratio of 3.32. The firm has a market capitalization of $5.63 billion, a P/E ratio of -42.03 and a beta of 0.59. The stock’s 50-day moving average price is $89.59 and its 200 day moving average price is $98.86. Blueprint Medicines has a one year low of $62.56 and a one year high of $121.90.

Blueprint Medicines (NASDAQ:BPMC) last released its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($0.97) by $0.08. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The firm had revenue of $128.20 million during the quarter, compared to analysts’ expectations of $127.56 million. During the same period in the prior year, the company earned ($2.20) earnings per share. The company’s quarterly revenue was up 126.5% on a year-over-year basis. Equities analysts expect that Blueprint Medicines will post -3.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Fouad Namouni sold 3,633 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total value of $324,499.56. Following the completion of the sale, the insider now directly owns 69,070 shares in the company, valued at $6,169,332.40. This trade represents a 5.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Several large investors have recently made changes to their positions in the company. Amalgamated Bank lifted 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 valued at $232,000 after acquiring an additional 109 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Blueprint Medicines by 13.3% during the 2nd quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock valued at $120,000 after purchasing an additional 131 shares in the last quarter. EFG Asset Management North America Corp. grew its position in shares of Blueprint Medicines by 0.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 27,884 shares of the biotechnology company’s stock valued at $3,008,000 after purchasing an additional 132 shares in the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Blueprint Medicines by 3.2% during the 3rd quarter. Pallas Capital Advisors LLC now owns 5,657 shares of the biotechnology company’s stock worth $523,000 after acquiring an additional 176 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Blueprint Medicines by 5.2% during the 1st quarter. US Bancorp DE now owns 3,724 shares of the biotechnology company’s stock worth $353,000 after acquiring an additional 183 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.