Blueprint Medicines (NASDAQ:BPMC) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC - Free Report) in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a $135.00 target price on the biotechnology company's stock.

Other analysts have also recently issued reports about the company. Wells Fargo & Company dropped 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. JMP Securities reissued a "market outperform" rating and issued a $125.00 target price on shares of Blueprint Medicines in a report on Monday, December 9th. Wedbush reissued an "outperform" rating and issued a $135.00 target price on shares of Blueprint Medicines in a research note on Thursday, November 14th. HC Wainwright reaffirmed a "buy" rating and issued a $135.00 price target on shares of Blueprint Medicines in a research report on Friday, November 15th. Finally, StockNews.com raised shares of Blueprint Medicines from a "sell" rating to a "hold" rating in a research 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 one has assigned a strong buy rating to the company. Based on data from MarketBeat, Blueprint Medicines has a consensus rating of "Moderate Buy" and an average price target of $122.72.

Blueprint Medicines Stock Up 18.2 %

BPMC traded up $15.93 during trading on Monday, reaching $103.36. The stock had a trading volume of 2,141,935 shares, compared to its average volume of 937,533. The stock's 50 day moving average is $93.65 and its two-hundred day moving average is $95.33. 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 company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -48.99 and a beta of 0.61. Blueprint Medicines has a one year low of $72.24 and a one year high of $121.90.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last released its 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. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. The firm had revenue of $128.20 million for the quarter, compared to the consensus estimate of $127.56 million. During the same period in the prior year, the firm earned ($2.20) EPS. The company's revenue was up 126.5% compared to the same quarter last year. As a group, analysts expect that Blueprint Medicines will post -3.68 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Kate Haviland sold 2,353 shares of the firm's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $96.60, for a total value of $227,299.80. Following the transaction, the chief executive officer now owns 150,824 shares of the company's stock, valued at $14,569,598.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ariel Hurley sold 1,819 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $93.26, for a total value of $169,639.94. Following the transaction, the insider now owns 14,967 shares of the company's stock, valued at approximately $1,395,822.42. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,720 shares of company stock valued at $2,177,846. 4.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Blueprint Medicines

Several large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its stake in shares of Blueprint Medicines by 27.8% in the second quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company's stock worth $6,721,000 after acquiring an additional 13,579 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Blueprint Medicines in the 2nd quarter worth approximately $18,273,000. Citizens Financial Group Inc. RI bought a new position in Blueprint Medicines in the 2nd quarter worth approximately $423,000. Renaissance Technologies LLC boosted its stake in Blueprint Medicines by 132.4% in the 2nd quarter. Renaissance Technologies LLC now owns 110,400 shares of the biotechnology company's stock worth $11,899,000 after purchasing an additional 62,900 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in Blueprint Medicines during the 2nd quarter valued at approximately $1,113,000.

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.