Fred Alger Management LLC Lowers Position in Blueprint Medicines Co. (NASDAQ:BPMC)

Fred Alger Management LLC lowered its position in shares of Blueprint Medicines Co. (NASDAQ:BPMC) by 22.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,623 shares of the biotechnology company’s stock after selling 7,487 shares during the quarter. Fred Alger Management LLC’s holdings in Blueprint Medicines were worth $2,235,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BPMC. Vanguard Group Inc. grew its holdings in Blueprint Medicines by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 6,774,884 shares of the biotechnology company’s stock valued at $590,905,000 after buying an additional 91,450 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Blueprint Medicines by 5.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,679,089 shares of the biotechnology company’s stock valued at $495,331,000 after purchasing an additional 291,822 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Blueprint Medicines by 8.0% during the fourth quarter. Wellington Management Group LLP now owns 4,281,364 shares of the biotechnology company’s stock valued at $373,421,000 after purchasing an additional 316,754 shares in the last quarter. William Blair Investment Management LLC increased its holdings in shares of Blueprint Medicines by 16.1% in the fourth quarter. William Blair Investment Management LLC now owns 1,944,695 shares of the biotechnology company’s stock worth $169,616,000 after purchasing an additional 269,896 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Blueprint Medicines by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,490,101 shares of the biotechnology company’s stock worth $129,996,000 after buying an additional 9,914 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have recently issued reports on BPMC shares. HC Wainwright reaffirmed a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a report on Friday, May 2nd. Scotiabank began coverage on shares of Blueprint Medicines in a research report on Friday, March 7th. They set a “sector outperform” rating and a $150.00 price objective for the company. Morgan Stanley began coverage on shares of Blueprint Medicines in a research report on Thursday, March 20th. They set an “equal weight” rating and a $100.00 target price on the stock. Piper Sandler increased their price target on shares of Blueprint Medicines from $109.00 to $119.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Finally, StockNews.com raised Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $126.56.

Blueprint Medicines Stock Performance

Shares of NASDAQ:BPMC opened at $97.74 on Friday. The firm’s 50 day simple moving average is $88.49 and its 200-day simple moving average is $93.74. The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.80 and a current ratio of 2.85. Blueprint Medicines Co. has a one year low of $73.04 and a one year high of $121.90. The firm has a market cap of $6.31 billion, a PE ratio of -90.50 and a beta of 0.83.

Blueprint Medicines (NASDAQ:BPMC) last issued its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.32). Blueprint Medicines had a negative net margin of 13.19% and a negative return on equity of 77.49%. The firm had revenue of $149.41 million for the quarter, compared to the consensus estimate of $158.31 million. During the same period last year, the firm earned $1.40 earnings per share. The company’s revenue for the quarter was up 55.5% on a year-over-year basis. As a group, equities analysts predict that Blueprint Medicines Co. will post -1.28 EPS for the current year.

Insider Activity at Blueprint Medicines

In other news, insider Ariel Hurley sold 2,752 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $103.13, for a total value of $283,813.76. Following the completion of the sale, the insider now owns 16,944 shares of the company’s stock, valued at $1,747,434.72. This trade represents a 13.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Christina Rossi sold 2,274 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $95.02, for a total value of $216,075.48. Following the transaction, the chief operating officer now directly owns 69,266 shares in the company, valued at $6,581,655.32. This represents a 3.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,503 shares of company stock valued at $1,027,931 over the last quarter. 4.21% of the stock is owned by corporate insiders.

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.