Blueprint Medicines (NASDAQ:BPMC) Lowered to Hold Rating by Wells Fargo & Company

Wells Fargo & Company lowered shares of Blueprint Medicines (NASDAQ:BPMC) from a strong-buy rating to a hold rating in a report issued on Tuesday morning, Marketbeat reports. The firm currently has $129.00 target price on the biotechnology company’s stock, down from their prior target price of $143.00.

Other analysts also recently issued research reports about the stock. Citigroup raised shares of Blueprint Medicines from a “strong sell” rating to a “hold” rating and lifted their price target for the company from $83.00 to $129.00 in a research note on Wednesday, June 4th. TD Cowen downgraded Blueprint Medicines from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 3rd. Wall Street Zen upgraded Blueprint Medicines from a “sell” rating to a “hold” rating in a report on Friday, May 2nd. HC Wainwright reissued a “buy” rating and set a $135.00 price target on shares of Blueprint Medicines in a research report on Friday, May 2nd. Finally, JMP Securities restated a “market perform” rating on shares of Blueprint Medicines in a report on Tuesday, June 3rd. Eighteen analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $128.06.

Blueprint Medicines Price Performance

BPMC opened at $128.12 on Tuesday. The business has a fifty day moving average of $103.81 and a 200 day moving average of $97.91. The stock has a market cap of $8.27 billion, a P/E ratio of -51.87 and a beta of 0.84. The company has a quick ratio of 2.75, a current ratio of 2.80 and a debt-to-equity ratio of 1.01. Blueprint Medicines has a 52-week low of $73.04 and a 52-week high of $128.34.

Blueprint Medicines (NASDAQ:BPMC) last issued its earnings results on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.32). The company had revenue of $149.41 million for the quarter, compared to analysts’ expectations of $158.31 million. Blueprint Medicines had a negative net margin of 27.70% and a negative return on equity of 64.60%. The firm’s revenue for the quarter was up 55.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.40 earnings per share. As a group, sell-side analysts anticipate that Blueprint Medicines will post -1.28 EPS for the current year.

Insider Activity at Blueprint Medicines

In other Blueprint Medicines news, COO Christina Rossi sold 2,274 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $95.02, for a total transaction of $216,075.48. Following the sale, the chief operating officer now owns 69,266 shares of the company’s stock, valued at approximately $6,581,655.32. The trade was a 3.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ariel Hurley sold 2,752 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $103.13, for a total transaction of $283,813.76. Following the transaction, the insider now owns 16,944 shares in the company, valued at $1,747,434.72. The trade was a 13.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,574 shares of company stock valued at $1,465,528 in the last ninety days. Corporate insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new stake in Blueprint Medicines during the 4th quarter valued at about $291,000. Bank of New York Mellon Corp raised its stake in shares of Blueprint Medicines by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 303,432 shares of the biotechnology company’s stock worth $26,465,000 after purchasing an additional 7,101 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Blueprint Medicines during the fourth quarter worth about $21,104,000. PNC Financial Services Group Inc. boosted its position in Blueprint Medicines by 31.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,650 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 399 shares during the last quarter. Finally, Truist Financial Corp purchased a new stake in Blueprint Medicines in the fourth quarter valued at approximately $221,000.

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.