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

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They currently have a $97.00 price target on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 4.30% from the company’s current price.

BPMC has been the topic of several other reports. Citigroup lifted their price objective on Blueprint Medicines from $54.00 to $65.00 and gave the stock a “sell” rating in a report on Friday, February 16th. Stifel Nicolaus boosted their price target on Blueprint Medicines from $95.00 to $97.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Barclays boosted their price target on Blueprint Medicines from $58.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, February 13th. HC Wainwright reiterated a “buy” rating and issued a $125.00 price target on shares of Blueprint Medicines in a report on Friday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $114.00 price target on shares of Blueprint Medicines in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Blueprint Medicines has an average rating of “Hold” and a consensus target price of $91.57.

Blueprint Medicines Price Performance

BPMC stock opened at $93.00 on Friday. The company has a quick ratio of 3.66, a current ratio of 3.76 and a debt-to-equity ratio of 1.60. Blueprint Medicines has a 52-week low of $43.89 and a 52-week high of $101.00. The stock’s 50 day moving average is $90.79 and its two-hundred day moving average is $79.00. The company has a market capitalization of $5.69 billion, a PE ratio of -11.12 and a beta of 0.63.

Blueprint Medicines (NASDAQ:BPMC) last posted its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($1.82) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.04) by $0.22. Blueprint Medicines had a negative return on equity of 191.56% and a negative net margin of 203.30%. The company had revenue of $71.96 million for the quarter, compared to the consensus estimate of $67.34 million. During the same period in the previous year, the business earned ($2.65) EPS. Blueprint Medicines’s revenue for the quarter was up 85.5% compared to the same quarter last year. Analysts predict that Blueprint Medicines will post -5.41 earnings per share for the current fiscal year.

Insider Activity at Blueprint Medicines

In other Blueprint Medicines news, insider Christopher K. Murray sold 621 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $93.65, for a total transaction of $58,156.65. Following the completion of the transaction, the insider now owns 36,374 shares in the company, valued at approximately $3,406,425.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Blueprint Medicines news, CFO Michael Landsittel sold 5,000 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $95.00, for a total transaction of $475,000.00. Following the completion of the transaction, the chief financial officer now owns 47,286 shares in the company, valued at approximately $4,492,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher K. Murray sold 621 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $93.65, for a total value of $58,156.65. Following the transaction, the insider now owns 36,374 shares of the company’s stock, valued at approximately $3,406,425.10. The disclosure for this sale can be found here. Insiders sold 92,289 shares of company stock worth $8,314,163 in the last 90 days. 3.88% of the stock is currently owned by company insiders.

Institutional Trading of Blueprint Medicines

A number of hedge funds and other institutional investors have recently modified their holdings of BPMC. PNC Financial Services Group Inc. raised its stake in shares of Blueprint Medicines by 63.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 848 shares of the biotechnology company’s stock worth $43,000 after buying an additional 329 shares in the last quarter. Cutler Group LLC CA raised its stake in shares of Blueprint Medicines by 1,685.7% in the 3rd quarter. Cutler Group LLC CA now owns 1,000 shares of the biotechnology company’s stock worth $50,000 after buying an additional 944 shares in the last quarter. Compass Wealth Management LLC bought a new stake in shares of Blueprint Medicines in the 4th quarter worth $69,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Blueprint Medicines by 95.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,550 shares of the biotechnology company’s stock worth $78,000 after buying an additional 757 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Blueprint Medicines by 28.4% in the 4th quarter. Van ECK Associates Corp now owns 872 shares of the biotechnology company’s stock worth $80,000 after buying an additional 193 shares in the last quarter.

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.