JPMorgan Chase & Co. Initiates Coverage on Blueprint Medicines (NASDAQ:BPMC)

JPMorgan Chase & Co. initiated coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a research note issued to investors on Thursday, MarketBeat reports. The brokerage set an “overweight” rating and a $126.00 price target on the biotechnology company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 42.07% from the company’s previous close.

A number of other analysts have also weighed in on BPMC. UBS Group assumed coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price objective on the stock. Guggenheim increased their price target on Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Wells Fargo & Company decreased their price target on shares of Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Finally, Robert W. Baird increased their price objective on shares of Blueprint Medicines from $112.00 to $127.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Stock Down 7.3 %

NASDAQ:BPMC opened at $88.69 on Thursday. Blueprint Medicines has a 52 week low of $62.56 and a 52 week high of $121.90. The stock’s fifty day moving average is $89.59 and its two-hundred day moving average is $98.86. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of -42.03 and a beta of 0.59. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09.

Blueprint Medicines (NASDAQ:BPMC) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.97) by $0.08. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The firm had revenue of $128.20 million for the quarter, compared to analyst estimates of $127.56 million. During the same quarter in the prior year, the company earned ($2.20) EPS. Blueprint Medicines’s revenue was up 126.5% on a year-over-year basis. Research analysts anticipate that Blueprint Medicines will post -3.61 EPS for the current year.

Insider Activity at Blueprint Medicines

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total transaction of $324,499.56. Following the completion of the transaction, the insider now owns 69,070 shares in the company, valued at approximately $6,169,332.40. This represents a 5.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Triad Wealth Partners LLC purchased a new position in Blueprint Medicines in the second quarter worth $27,000. Covestor Ltd increased its holdings in shares of Blueprint Medicines by 9,700.0% in the 1st quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Quarry LP acquired a new stake in shares of Blueprint Medicines in the third quarter valued at about $32,000. Headlands Technologies LLC boosted its holdings in Blueprint Medicines by 105.2% during the first quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock worth $63,000 after buying an additional 342 shares in the last quarter. Finally, Natixis acquired a new position in Blueprint Medicines during the first quarter worth about $73,000.

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.