Jennison Associates LLC Buys Shares of 360,208 Blueprint Medicines Co. (NASDAQ:BPMC)

Jennison Associates LLC bought a new position in Blueprint Medicines Co. (NASDAQ:BPMC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 360,208 shares of the biotechnology company’s stock, valued at approximately $31,417,000. Jennison Associates LLC owned approximately 0.57% of Blueprint Medicines at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in Blueprint Medicines by 22.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after buying an additional 729,055 shares in the last quarter. State Street Corp grew its stake in shares of Blueprint Medicines by 16.2% in the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock worth $255,827,000 after acquiring an additional 385,818 shares during the period. Geode Capital Management LLC lifted its position in Blueprint Medicines by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,480,187 shares of the biotechnology company’s stock valued at $136,942,000 after purchasing an additional 20,703 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Blueprint Medicines by 9.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 597,232 shares of the biotechnology company’s stock valued at $55,244,000 after purchasing an additional 50,736 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Blueprint Medicines by 161.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 496,087 shares of the biotechnology company’s stock worth $45,888,000 after purchasing an additional 306,079 shares during the last quarter.

Wall Street Analyst Weigh In

BPMC has been the topic of several research analyst reports. Wells Fargo & Company lowered their price target on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $135.00 target price on shares of Blueprint Medicines in a research report on Monday, January 13th. Wedbush restated an “outperform” rating and set a $124.00 price target (down from $135.00) on shares of Blueprint Medicines in a research note on Monday, January 13th. JMP Securities reiterated a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a research note on Wednesday, January 15th. Finally, UBS Group assumed 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $123.72.

Blueprint Medicines Stock Up 1.7 %

NASDAQ BPMC opened at $113.40 on Wednesday. Blueprint Medicines Co. has a 12 month low of $72.24 and a 12 month high of $121.90. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. The stock has a market cap of $7.20 billion, a PE ratio of -53.74 and a beta of 0.61. The stock’s 50 day moving average is $98.51 and its 200 day moving average is $95.02.

Insider Activity

In other Blueprint Medicines news, insider Ariel Hurley sold 1,819 shares of the stock in a transaction dated Thursday, December 12th. The shares were 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 $1,395,822.42. This represents a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey W. Albers sold 15,161 shares of Blueprint Medicines stock in a transaction dated 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 $16,691,933.88. This trade represents a 9.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,851 shares of company stock worth $4,984,696 over the last quarter. Insiders own 4.21% of the company’s stock.

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.