Blueprint Medicines (NASDAQ:BPMC) Hits New 1-Year High – Here’s Why

Blueprint Medicines Corporation (NASDAQ:BPMC)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $128.43 and last traded at $128.41, with a volume of 3297071 shares traded. The stock had previously closed at $128.20.

Analysts Set New Price Targets

Several brokerages have recently commented on BPMC. Stephens lowered Blueprint Medicines from a “strong-buy” rating to a “hold” rating and decreased their price target for the stock from $150.00 to $135.00 in a research note on Tuesday, June 3rd. TD Cowen downgraded Blueprint Medicines from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 3rd. JMP Securities reaffirmed a “market perform” rating on shares of Blueprint Medicines in a research report on Tuesday, June 3rd. Morgan Stanley lifted their price target on Blueprint Medicines from $102.00 to $129.00 and gave the company an “equal weight” rating in a report on Thursday, June 5th. Finally, HC Wainwright reiterated a “buy” rating and set a $135.00 price objective on shares of Blueprint Medicines in a research note on Friday, May 2nd. Eighteen equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Blueprint Medicines presently has an average rating of “Hold” and a consensus price target of $128.06.

Blueprint Medicines Stock Up 0.2%

The business’s 50 day simple moving average is $104.75 and its 200-day simple moving average is $98.16. The company has a market cap of $8.29 billion, a price-to-earnings ratio of -51.98 and a beta of 0.84. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.75 and a current ratio of 2.80.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings data on Thursday, May 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.32). The business had revenue of $149.41 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.40 EPS. Sell-side analysts expect that Blueprint Medicines Corporation will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In other Blueprint Medicines news, insider Ariel Hurley sold 2,752 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $103.13, for a total transaction of $283,813.76. Following the sale, the insider now directly owns 16,944 shares of the company’s stock, valued at approximately $1,747,434.72. This represents a 13.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey W. Albers sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $101.14, for a total transaction of $505,700.00. Following the transaction, the director now owns 146,630 shares in the company, valued at $14,830,158.20. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,300 shares of company stock valued at $1,249,453 in the last quarter. Insiders own 4.21% of the company’s stock.

Hedge Funds Weigh In On Blueprint Medicines

Several large investors have recently bought and sold shares of BPMC. Avoro Capital Advisors LLC acquired a new position in shares of Blueprint Medicines in the 4th quarter valued at $103,356,000. Siren L.L.C. acquired a new position in shares of Blueprint Medicines in the 1st quarter valued at $64,273,000. Norges Bank acquired a new position in shares of Blueprint Medicines in the 4th quarter valued at $62,028,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of Blueprint Medicines by 86.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,302,810 shares of the biotechnology company’s stock valued at $115,312,000 after buying an additional 605,783 shares during the period. Finally, Braidwell LP acquired a new position in shares of Blueprint Medicines in the 1st quarter valued at $38,942,000.

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.