Wedbush Reaffirms Outperform Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They presently have a $128.00 target price on the biotechnology company’s stock. Wedbush’s price objective suggests a potential upside of 22.32% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. StockNews.com lowered Blueprint Medicines from a “hold” rating to a “sell” rating in a research note on Monday, March 3rd. JMP Securities restated a “market outperform” rating and issued a $125.00 price objective on shares of Blueprint Medicines in a research report on Friday, February 14th. Scotiabank initiated coverage on shares of Blueprint Medicines in a research report on Friday, March 7th. They set a “sector outperform” rating and a $150.00 target price for the company. Jefferies Financial Group started coverage on shares of Blueprint Medicines in a research note on Monday, March 17th. They issued a “buy” rating and a $135.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a research report on Friday, February 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $124.53.

Blueprint Medicines Trading Up 5.4 %

Shares of Blueprint Medicines stock opened at $104.64 on Thursday. The company’s 50-day moving average price is $87.69 and its 200-day moving average price is $93.30. The company has a market cap of $6.69 billion, a price-to-earnings ratio of -96.89 and a beta of 0.75. Blueprint Medicines has a 12-month low of $73.04 and a 12-month high of $121.90. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15.

Blueprint Medicines (NASDAQ:BPMC) last posted its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.32). The firm had revenue of $149.41 million during the quarter, compared to analysts’ expectations of $158.31 million. Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. The business’s revenue for the quarter was up 55.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.40 earnings per share. On average, equities analysts expect that Blueprint Medicines will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Blueprint Medicines

In other Blueprint Medicines news, COO Christina Rossi sold 2,274 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $95.02, for a total value of $216,075.48. Following the completion of the sale, the chief operating officer now owns 69,266 shares in the company, valued at approximately $6,581,655.32. This trade represents a 3.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ariel Hurley sold 3,203 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.62, for a total value of $296,661.86. Following the transaction, the insider now directly owns 18,270 shares in the company, valued at $1,692,167.40. This trade represents a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blueprint Medicines

Several hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd bought a new stake in Blueprint Medicines during the 4th quarter valued at approximately $51,000. Headlands Technologies LLC bought a new stake in shares of Blueprint Medicines during the fourth quarter valued at approximately $65,000. Thematics Asset Management purchased a new stake in Blueprint Medicines in the fourth quarter worth $72,000. Covestor Ltd raised its holdings in Blueprint Medicines by 62.7% in the fourth quarter. Covestor Ltd now owns 973 shares of the biotechnology company’s stock worth $85,000 after purchasing an additional 375 shares in the last quarter. Finally, Asset Management One Co. Ltd. bought a new stake in shares of Blueprint Medicines during the 4th quarter valued at $88,000.

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.