Blueprint Medicines Co. (NASDAQ:BPMC) Sees Large Growth in Short Interest

Blueprint Medicines Co. (NASDAQ:BPMC - Get Free Report) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 4,130,000 shares, an increase of 14.1% from the October 15th total of 3,620,000 shares. Based on an average daily volume of 607,600 shares, the days-to-cover ratio is presently 6.8 days.

Blueprint Medicines Price Performance

BPMC stock traded down $6.96 during midday trading on Friday, hitting $88.69. The company's stock had a trading volume of 1,001,074 shares, compared to its average volume of 692,935. The firm has a market capitalization of $5.63 billion, a price-to-earnings ratio of -42.03 and a beta of 0.59. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09. Blueprint Medicines has a 12 month low of $62.56 and a 12 month high of $121.90. The company has a 50 day moving average of $89.59 and a two-hundred day moving average of $98.91.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last issued 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. The firm had revenue of $128.20 million during the quarter, compared to analyst estimates of $127.56 million. Blueprint Medicines had a negative net margin of 29.48% and a negative return on equity of 112.30%. Blueprint Medicines's revenue for the quarter was up 126.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($2.20) earnings per share. On average, analysts expect that Blueprint Medicines will post -3.61 EPS for the current year.

Insider Activity

In related news, insider Fouad Namouni sold 3,633 shares of the business's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total transaction of $324,499.56. Following the sale, the insider now owns 69,070 shares of the company's stock, valued at $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.21% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blueprint Medicines

Several large investors have recently made changes to their positions in the company. Hsbc Holdings PLC bought a new stake in Blueprint Medicines in the 2nd quarter worth approximately $1,060,000. Comerica Bank raised its stake in Blueprint Medicines by 2,582.9% during the first quarter. Comerica Bank now owns 10,839 shares of the biotechnology company's stock valued at $1,028,000 after purchasing an additional 10,435 shares in the last quarter. Federated Hermes Inc. raised its stake in Blueprint Medicines by 27.8% during the second quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company's stock valued at $6,721,000 after purchasing an additional 13,579 shares in the last quarter. SG Americas Securities LLC lifted its position in Blueprint Medicines by 82.8% during the second quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company's stock valued at $2,337,000 after purchasing an additional 9,819 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Blueprint Medicines by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,309,977 shares of the biotechnology company's stock worth $598,564,000 after buying an additional 195,007 shares during the last quarter.

Wall Street Analysts Forecast Growth

BPMC has been the topic of several recent research reports. Wedbush restated an "outperform" rating and issued a $135.00 price target on shares of Blueprint Medicines in a research note on Thursday. Robert W. Baird boosted their target price on Blueprint Medicines from $112.00 to $127.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Guggenheim raised their price target on shares of Blueprint Medicines from $130.00 to $138.00 and gave the company a "buy" rating in a report on Friday, August 2nd. UBS Group began coverage on shares of Blueprint Medicines in a report on Thursday, October 24th. They set a "neutral" rating and a $88.00 price objective for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of Blueprint Medicines in a report on Thursday. They issued an "overweight" rating and a $126.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Blueprint Medicines has an average rating of "Moderate Buy" and a consensus price target of $122.11.

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.