Blueprint Medicines (NASDAQ:BPMC) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports. They presently have a $94.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 3.65% from the stock’s current price.
According to Zacks, “Blueprint Medicines incurred wider-than-expected loss in second-quarter 2019 while its revenues beat estimates. Its lead candidate, avapritinib holds potential to treat several cancer indications. The NDA for avapritinib to treat PDGFRA Exon 18 mutant gastrointestinal stromal tumors (GIST) and fourth-line GIST is under review in the United States. In July the EMA validated the MAA filling in Europe. A tentative approval will boost growth prospects. Other candidates BLU-782, fisogatinib and pralsetinib are also progressing well. By 2020, the company expects to have two marketed products in the United States — avapritinib and BLU-667. However, in the absence of a marketed product, the company is heavily dependent on partners for collaboration revenues. Any regulatory setback will hurt the stock. Shares have outperformed the industry year to date”
A number of other analysts have also recently issued reports on the company. Goldman Sachs Group reissued a “buy” rating and set a $125.00 price objective on shares of Blueprint Medicines in a report on Thursday, May 23rd. BidaskClub cut Blueprint Medicines from a “strong-buy” rating to a “buy” rating in a report on Tuesday. ValuEngine raised Blueprint Medicines from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 4th. Cowen reissued a “buy” rating on shares of Blueprint Medicines in a report on Monday, June 17th. Finally, Canaccord Genuity increased their price objective on Blueprint Medicines from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Blueprint Medicines currently has an average rating of “Buy” and an average price target of $110.11.
BPMC traded up $1.66 during trading on Wednesday, reaching $90.69. 7,383 shares of the company were exchanged, compared to its average volume of 365,259. The company has a 50-day simple moving average of $95.91. The stock has a market cap of $4.35 billion, a P/E ratio of -16.83 and a beta of 1.55. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.52 and a current ratio of 7.52. Blueprint Medicines has a 12-month low of $44.58 and a 12-month high of $102.98.
Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported ($2.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.92) by ($0.12). The company had revenue of $5.11 million for the quarter, compared to analysts’ expectations of $1.39 million. Blueprint Medicines had a negative return on equity of 73.73% and a negative net margin of 4,268.74%. The business’s revenue for the quarter was down 87.7% on a year-over-year basis. During the same period last year, the company posted ($0.62) EPS. Equities analysts predict that Blueprint Medicines will post -8.12 earnings per share for the current year.
In other Blueprint Medicines news, Director Nicholas Lydon sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $84.77, for a total value of $2,119,250.00. Following the sale, the director now owns 166,527 shares of the company’s stock, valued at approximately $14,116,493.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ariel Hurley sold 830 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $94.98, for a total value of $78,833.40. Following the completion of the sale, the insider now directly owns 830 shares in the company, valued at approximately $78,833.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,378 shares of company stock worth $10,264,022. Insiders own 4.02% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. First Republic Investment Management Inc. raised its holdings in shares of Blueprint Medicines by 53.3% in the 1st quarter. First Republic Investment Management Inc. now owns 6,092 shares of the biotechnology company’s stock valued at $488,000 after acquiring an additional 2,119 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Blueprint Medicines by 40.6% during the 1st quarter. JPMorgan Chase & Co. now owns 111,374 shares of the biotechnology company’s stock valued at $8,915,000 after buying an additional 32,152 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Blueprint Medicines by 11.2% during the 4th quarter. Deutsche Bank AG now owns 148,957 shares of the biotechnology company’s stock valued at $8,029,000 after buying an additional 14,957 shares in the last quarter. Chartwell Investment Partners LLC purchased a new position in shares of Blueprint Medicines during the 1st quarter valued at about $1,565,000. Finally, Legal & General Group Plc raised its holdings in shares of Blueprint Medicines by 6.4% during the 4th quarter. Legal & General Group Plc now owns 16,635 shares of the biotechnology company’s stock valued at $897,000 after buying an additional 995 shares in the last quarter. 97.58% of the stock is currently owned by hedge funds and other institutional investors.
Blueprint Medicines Company Profile
Blueprint Medicines Corporation develops drugs of small molecule kinase inhibitors that target genomic drivers in various cancers and a rare genetic disease. Its lead drug candidates include avapritinib, which completed Phase I clinical trials that targets PDGFRA Exon 18 mutant GIST and KIT-driven GIST; and BLU-554, which is in Phase I clinical trials an orally available, potent, and irreversible inhibitor of the kinase FGFR4 that is activated in a defined subset of patients with hepatocellular carcinoma.
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