Blueprint Medicines (NASDAQ:BPMC) Given Buy Rating at Needham & Company LLC

Blueprint Medicines (NASDAQ:BPMC - Get Free Report)'s stock had its "buy" rating reaffirmed by Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $135.00 price target on the biotechnology company's stock. Needham & Company LLC's price objective suggests a potential upside of 52.22% from the company's current price.

Several other equities research analysts have also weighed in on BPMC. Guggenheim upped their target price on shares of Blueprint Medicines from $130.00 to $138.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. HC Wainwright reaffirmed a "buy" rating and set a $135.00 price objective on shares of Blueprint Medicines in a report on Friday. Baird R W upgraded Blueprint Medicines to a "strong-buy" rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. initiated coverage on Blueprint Medicines in a report on Thursday. They set an "overweight" rating and a $126.00 price target for the company. Finally, StockNews.com upgraded Blueprint Medicines from a "sell" rating to a "hold" rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Blueprint Medicines currently has an average rating of "Moderate Buy" and an average price target of $122.11.

Blueprint Medicines Stock Performance

Shares of NASDAQ:BPMC traded down $6.96 on Friday, hitting $88.69. 1,001,074 shares of the company were exchanged, compared to its average volume of 692,935. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.27 and a current ratio of 3.32. The company's 50 day moving average price is $89.55 and its two-hundred day moving average price is $98.89. Blueprint Medicines has a one year low of $62.56 and a one year high of $121.90. The firm has a market capitalization of $5.63 billion, a price-to-earnings ratio of -42.28 and a beta of 0.59.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping analysts' consensus estimates of ($0.97) by $0.08. The firm had revenue of $128.20 million for the quarter, compared to the consensus estimate of $127.56 million. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. The business's revenue was up 126.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.20) earnings per share. Research analysts expect that Blueprint Medicines will post -3.61 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In related news, insider Fouad Namouni sold 3,633 shares of Blueprint Medicines stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total value of $324,499.56. Following the sale, the insider now owns 69,070 shares of the company's stock, valued at approximately $6,169,332.40. This trade represents a 5.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.21% of the company's stock.

Hedge Funds Weigh In On Blueprint Medicines

Several hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in Blueprint Medicines by 15.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,250,823 shares of the biotechnology company's stock valued at $592,954,000 after acquiring an additional 821,868 shares during the last quarter. Wellington Management Group LLP increased its stake 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 valued at $366,726,000 after purchasing an additional 729,055 shares during the last quarter. Millennium Management LLC lifted its stake in Blueprint Medicines by 540.0% in the 2nd quarter. Millennium Management LLC now owns 627,626 shares of the biotechnology company's stock valued at $67,646,000 after purchasing an additional 529,566 shares during the last quarter. 1832 Asset Management L.P. raised its holdings in Blueprint Medicines by 200,159.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 502,651 shares of the biotechnology company's stock valued at $54,176,000 after buying an additional 502,400 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Blueprint Medicines by 16.2% in the 3rd quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company's stock worth $255,827,000 after purchasing an additional 385,818 shares during the period.

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.