Fred Alger Management LLC Sells 15,478 Shares of Blueprint Medicines Co. (NASDAQ:BPMC)

Fred Alger Management LLC lessened its position in Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) by 31.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,110 shares of the biotechnology company's stock after selling 15,478 shares during the period. Fred Alger Management LLC owned about 0.05% of Blueprint Medicines worth $3,063,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Amalgamated Bank boosted its stake in Blueprint Medicines by 5.3% during the second quarter. Amalgamated Bank now owns 2,154 shares of the biotechnology company's stock worth $232,000 after acquiring an additional 109 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Blueprint Medicines by 13.3% in the second quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company's stock worth $120,000 after buying an additional 131 shares during the period. EFG Asset Management North America Corp. boosted its holdings in Blueprint Medicines by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 27,884 shares of the biotechnology company's stock valued at $3,008,000 after acquiring an additional 132 shares in the last quarter. Pallas Capital Advisors LLC boosted its holdings in shares of Blueprint Medicines by 3.2% during the 3rd quarter. Pallas Capital Advisors LLC now owns 5,657 shares of the biotechnology company's stock valued at $523,000 after buying an additional 176 shares in the last quarter. Finally, Clarus Wealth Advisors boosted its holdings in shares of Blueprint Medicines by 8.6% during the 3rd quarter. Clarus Wealth Advisors now owns 2,590 shares of the biotechnology company's stock valued at $231,000 after buying an additional 206 shares in the last quarter.

Insider Activity

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the company's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total transaction of $324,499.56. Following the completion of the sale, the insider now owns 69,070 shares of the company's stock, valued at $6,169,332.40. This represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.21% of the company's stock.

Blueprint Medicines Price Performance

Shares of NASDAQ:BPMC traded up $1.28 on Friday, reaching $96.38. 338,237 shares of the company were exchanged, compared to its average volume of 632,778. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 1.09. Blueprint Medicines Co. has a 1-year low of $68.28 and a 1-year high of $121.90. The firm has a market cap of $6.12 billion, a price-to-earnings ratio of -45.68 and a beta of 0.59. The company has a 50-day moving average of $90.97 and a 200-day moving average of $98.10.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $128.20 million for the quarter, compared to analyst estimates of $127.56 million. During the same period in the prior year, the firm posted ($2.20) EPS. The company's revenue was up 126.5% on a year-over-year basis. Equities analysts forecast that Blueprint Medicines Co. will post -3.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. JMP Securities reiterated a "market outperform" rating and set a $125.00 price objective on shares of Blueprint Medicines in a research note on Monday, November 18th. Wells Fargo & Company reduced their target price on Blueprint Medicines from $153.00 to $151.00 and set an "overweight" rating for the company in a research note on Thursday, October 31st. Wedbush restated an "outperform" rating and set a $135.00 target price on shares of Blueprint Medicines in a research report on Thursday, November 14th. HC Wainwright reissued a "buy" rating and issued a $135.00 target price on shares of Blueprint Medicines in a research note on Friday, November 15th. Finally, UBS Group began coverage on shares of Blueprint Medicines in a research report on Thursday, October 24th. They set a "neutral" rating and a $88.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $122.11.

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.