Short Interest in Blueprint Medicines Co. (NASDAQ:BPMC) Declines By 15.1%

Blueprint Medicines Co. (NASDAQ:BPMC) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 4,370,000 shares, a drop of 15.1% from the March 15th total of 5,150,000 shares. Based on an average trading volume of 786,700 shares, the short-interest ratio is currently 5.6 days.

Wall Street Analyst Weigh In

BPMC has been the subject of a number of analyst reports. Raymond James raised their price objective on shares of Blueprint Medicines from $85.00 to $100.00 and gave the company a “strong-buy” rating in a research note on Friday, December 22nd. Barclays raised their price objective on shares of Blueprint Medicines from $58.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 13th. Citigroup raised their price objective on shares of Blueprint Medicines from $54.00 to $65.00 and gave the company a “sell” rating in a research note on Friday, February 16th. Wedbush reiterated an “outperform” rating and issued a $97.00 price target on shares of Blueprint Medicines in a research note on Monday, February 5th. Finally, Stifel Nicolaus lifted their price target on shares of Blueprint Medicines from $95.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.43.

Blueprint Medicines Stock Performance

Shares of BPMC traded up $0.91 on Tuesday, reaching $86.09. The company’s stock had a trading volume of 410,706 shares, compared to its average volume of 766,467. The company has a debt-to-equity ratio of 1.60, a current ratio of 3.76 and a quick ratio of 3.66. The stock has a market capitalization of $5.27 billion, a P/E ratio of -10.50 and a beta of 0.63. The stock’s 50 day simple moving average is $88.76 and its two-hundred day simple moving average is $76.63. Blueprint Medicines has a 12-month low of $43.89 and a 12-month high of $101.00.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($1.82) earnings per share for the quarter, beating the consensus estimate of ($2.04) by $0.22. Blueprint Medicines had a negative net margin of 203.30% and a negative return on equity of 191.56%. The business had revenue of $71.96 million for the quarter, compared to the consensus estimate of $67.34 million. During the same quarter in the previous year, the firm earned ($2.65) earnings per share. The company’s revenue for the quarter was up 85.5% on a year-over-year basis. Research analysts forecast that Blueprint Medicines will post -5.42 earnings per share for the current fiscal year.

Insider Activity at Blueprint Medicines

In related news, Director Jeffrey W. Albers sold 25,000 shares of Blueprint Medicines stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $81.91, for a total transaction of $2,047,750.00. Following the completion of the transaction, the director now directly owns 176,050 shares of the company’s stock, valued at approximately $14,420,255.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Blueprint Medicines news, Director Jeffrey W. Albers sold 25,000 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $81.91, for a total transaction of $2,047,750.00. Following the completion of the sale, the director now directly owns 176,050 shares in the company, valued at approximately $14,420,255.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael Landsittel sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $95.00, for a total transaction of $475,000.00. Following the sale, the chief financial officer now owns 47,286 shares of the company’s stock, valued at $4,492,170. The disclosure for this sale can be found here. Insiders sold a total of 117,289 shares of company stock valued at $10,361,913 in the last three months. Company insiders own 3.88% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

Several large investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Blueprint Medicines during the fourth quarter valued at approximately $9,768,000. Vanguard Group Inc. lifted its holdings in Blueprint Medicines by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 6,114,970 shares of the biotechnology company’s stock valued at $564,045,000 after purchasing an additional 147,827 shares in the last quarter. Readystate Asset Management LP purchased a new position in shares of Blueprint Medicines in the fourth quarter worth $3,692,000. Blue Owl Capital Holdings LP purchased a new position in shares of Blueprint Medicines in the fourth quarter worth $6,631,000. Finally, Legal & General Group Plc lifted its holdings in shares of Blueprint Medicines by 0.9% in the fourth quarter. Legal & General Group Plc now owns 58,964 shares of the biotechnology company’s stock worth $5,439,000 after buying an additional 508 shares in the last quarter.

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.