Needham & Company LLC Reaffirms “Buy” Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $133.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 41.58% from the company’s previous close.

Several other research firms also recently commented on BPMC. UBS Group initiated coverage on shares of Blueprint Medicines in a report on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price objective on the stock. Wells Fargo & Company cut their price target on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Guggenheim reissued a “buy” rating on shares of Blueprint Medicines in a report on Wednesday, December 11th. Piper Sandler raised their target price on Blueprint Medicines from $109.00 to $119.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Finally, Wedbush reissued an “outperform” rating and issued a $124.00 price target (down from $135.00) on shares of Blueprint Medicines in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.83.

Blueprint Medicines Trading Down 1.3 %

NASDAQ:BPMC opened at $93.94 on Thursday. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $99.61 and a 200-day simple moving average of $94.66. Blueprint Medicines has a 12 month low of $77.57 and a 12 month high of $121.90. The company has a market capitalization of $5.97 billion, a P/E ratio of -44.52 and a beta of 0.62.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings results on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. On average, equities research analysts anticipate that Blueprint Medicines will post -3.63 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In other news, COO Christina Rossi sold 2,274 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $110.14, for a total value of $250,458.36. Following the transaction, the chief operating officer now directly owns 67,109 shares of the company’s stock, valued at approximately $7,391,385.26. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey W. Albers sold 15,000 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $89.77, for a total transaction of $1,346,550.00. Following the sale, the director now directly owns 157,557 shares of the company’s stock, valued at approximately $14,143,891.89. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,851 shares of company stock valued at $4,984,696 over the last quarter. 4.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BPMC. Pallas Capital Advisors LLC increased its holdings in shares of Blueprint Medicines by 3.2% during the 3rd quarter. Pallas Capital Advisors LLC now owns 5,657 shares of the biotechnology company’s stock worth $523,000 after buying an additional 176 shares during the last quarter. Torray Investment Partners LLC increased its stake in Blueprint Medicines by 1.1% during the fourth quarter. Torray Investment Partners LLC now owns 16,499 shares of the biotechnology company’s stock worth $1,439,000 after acquiring an additional 186 shares during the last quarter. Franklin Resources Inc. raised its position in Blueprint Medicines by 0.7% in the third quarter. Franklin Resources Inc. now owns 36,761 shares of the biotechnology company’s stock valued at $3,259,000 after purchasing an additional 265 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Blueprint Medicines by 4.4% in the 4th quarter. Ameritas Investment Partners Inc. now owns 6,652 shares of the biotechnology company’s stock valued at $580,000 after purchasing an additional 283 shares during the last quarter. Finally, Pitcairn Co. grew its holdings in shares of Blueprint Medicines by 2.8% during the 4th quarter. Pitcairn Co. now owns 10,608 shares of the biotechnology company’s stock worth $925,000 after purchasing an additional 293 shares during the period.

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.