Blueprint Medicines (NASDAQ:BPMC) Shares Gap Up - Here's Why

Blueprint Medicines Co. (NASDAQ:BPMC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $87.43, but opened at $90.29. Blueprint Medicines shares last traded at $93.42, with a volume of 94,236 shares trading hands.

Analyst Upgrades and Downgrades

BPMC has been the subject of a number of research reports. UBS Group began coverage on Blueprint Medicines in a report on Thursday, October 24th. They issued a "neutral" rating and a $88.00 price objective for the company. Stephens reiterated an "overweight" rating and issued a $140.00 price target on shares of Blueprint Medicines in a research note on Thursday, January 2nd. Wedbush reissued an "outperform" rating and set a $124.00 price objective (down previously from $135.00) on shares of Blueprint Medicines in a research note on Monday. JPMorgan Chase & Co. started coverage on shares of Blueprint Medicines in a research note on Thursday, November 14th. They set an "overweight" rating and a $126.00 target price for the company. Finally, StockNews.com upgraded shares of Blueprint Medicines from a "sell" rating to a "hold" rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $122.72.

Blueprint Medicines Price Performance

The stock has a market capitalization of $6.66 billion, a PE ratio of -49.71 and a beta of 0.61. The firm's fifty day moving average price is $93.75 and its two-hundred day moving average price is $95.29. 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 (NASDAQ:BPMC - Get Free Report) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating analysts' consensus estimates of ($0.97) by $0.08. The business 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%. The company's quarterly revenue was up 126.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.20) EPS. On average, equities analysts predict that Blueprint Medicines Co. will post -3.68 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In other Blueprint Medicines news, insider Ariel Hurley sold 1,819 shares of the company'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 transaction of $169,639.94. Following the completion of the sale, the insider now directly owns 14,967 shares of the company's stock, valued at approximately $1,395,822.42. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey W. Albers sold 5,000 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $102.28, for a total transaction of $511,400.00. Following the completion of the transaction, the director now owns 157,557 shares in the company, valued at $16,114,929.96. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,970 shares of company stock valued at $2,914,246. 4.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blueprint Medicines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC bought a new stake in Blueprint Medicines during the second quarter valued at about $1,060,000. Federated Hermes Inc. lifted its position in shares of Blueprint Medicines by 27.8% during the 2nd quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company's stock valued at $6,721,000 after buying an additional 13,579 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Blueprint Medicines by 48.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 252,236 shares of the biotechnology company's stock worth $23,332,000 after acquiring an additional 82,693 shares in the last quarter. Entropy Technologies LP bought a new stake in Blueprint Medicines during the 3rd quarter worth approximately $999,000. Finally, Fred Alger Management LLC raised its stake in Blueprint Medicines by 187.3% during the 2nd quarter. Fred Alger Management LLC now owns 48,588 shares of the biotechnology company's stock worth $5,237,000 after acquiring an additional 31,675 shares during the period.

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.