Wolfe Research Initiates Coverage on Blueprint Medicines (NASDAQ:BPMC)

Equities research analysts at Wolfe Research initiated coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a report released on Tuesday, MarketBeat reports. The firm set an “outperform” rating on the biotechnology company’s stock.

BPMC has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a research report on Friday, February 14th. JMP Securities reaffirmed a “market outperform” rating and set a $125.00 price target on shares of Blueprint Medicines in a research note on Friday, February 14th. Jefferies Financial Group started coverage on Blueprint Medicines in a research note on Monday. They issued a “buy” rating and a $135.00 price objective for the company. JPMorgan Chase & Co. upped their target price on Blueprint Medicines from $126.00 to $129.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $133.00 target price on shares of Blueprint Medicines in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $125.70.

Blueprint Medicines Trading Up 1.0 %

Shares of BPMC stock opened at $90.48 on Tuesday. The stock has a 50-day moving average of $99.49 and a 200-day moving average of $93.96. The company has a current ratio of 2.85, a quick ratio of 2.80 and a debt-to-equity ratio of 1.15. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of -83.78 and a beta of 0.58. Blueprint Medicines has a 1-year low of $80.68 and a 1-year high of $121.90.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. On average, equities research analysts forecast that Blueprint Medicines will post -1.28 earnings per share for the current year.

Insider Activity

In related news, CEO Kate Haviland sold 1,446 shares of Blueprint Medicines stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $110.24, for a total transaction of $159,407.04. Following the sale, the chief executive officer now directly owns 149,378 shares in the company, valued at approximately $16,467,430.72. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ariel Hurley sold 2,250 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $100.00, for a total value of $225,000.00. Following the completion of the transaction, the insider now owns 14,967 shares of the company’s stock, valued at $1,496,700. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,334 shares of company stock valued at $3,103,512 over the last three months. Corporate insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Large investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC purchased a new position in Blueprint Medicines in the fourth quarter valued at about $103,356,000. Wellington Management Group LLP raised its holdings in shares of Blueprint Medicines by 22.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company’s stock worth $366,726,000 after purchasing an additional 729,055 shares during the period. Norges Bank purchased a new position in Blueprint Medicines in the fourth quarter valued at approximately $62,028,000. State Street Corp grew its holdings in Blueprint Medicines by 16.2% during the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock valued at $255,827,000 after purchasing an additional 385,818 shares during the period. Finally, Jennison Associates LLC purchased a new stake in Blueprint Medicines in the fourth quarter worth $31,417,000.

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.