Jennison Associates LLC Invests $31.42 Million in Blueprint Medicines Co. (NASDAQ:BPMC)

Jennison Associates LLC bought a new stake in Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 360,208 shares of the biotechnology company's stock, valued at approximately $31,417,000. Jennison Associates LLC owned approximately 0.57% of Blueprint Medicines as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BPMC. Wellington Management Group LLP grew its holdings in shares of Blueprint Medicines by 22.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company's stock worth $366,726,000 after purchasing an additional 729,055 shares during the period. State Street Corp boosted its holdings in Blueprint Medicines by 16.2% during the 3rd quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company's stock valued at $255,827,000 after acquiring an additional 385,818 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Blueprint Medicines by 161.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 496,087 shares of the biotechnology company's stock valued at $45,888,000 after purchasing an additional 306,079 shares in the last quarter. Eventide Asset Management LLC raised its position in Blueprint Medicines by 50.5% in the 3rd quarter. Eventide Asset Management LLC now owns 348,704 shares of the biotechnology company's stock valued at $32,255,000 after purchasing an additional 117,019 shares in the last quarter. Finally, M&G PLC acquired a new stake in Blueprint Medicines in the 3rd quarter valued at about $9,101,000.

Wall Street Analysts Forecast Growth

BPMC has been the topic of a number of analyst reports. UBS Group initiated coverage on Blueprint Medicines in a research report on Thursday, October 24th. They issued a "neutral" rating and a $88.00 price target on the stock. Wells Fargo & Company reduced 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. JPMorgan Chase & Co. raised their target price on Blueprint Medicines from $126.00 to $129.00 and gave the stock an "overweight" rating in a research report on Tuesday. StockNews.com raised Blueprint Medicines from a "sell" rating to a "hold" rating in a research report on Friday, November 8th. Finally, Wedbush reissued an "outperform" rating and set a $124.00 target price (down previously from $135.00) on shares of Blueprint Medicines in a research report on Monday, January 13th. One 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $123.72.

Insider Buying and Selling

In other news, CEO Kate Haviland sold 2,353 shares of the business's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $96.60, for a total value of $227,299.80. Following the completion of the transaction, the chief executive officer now directly owns 150,824 shares of the company's stock, valued at $14,569,598.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Christina Rossi sold 2,274 shares of the business's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $95.10, for a total value of $216,257.40. Following the completion of the transaction, the chief operating officer now directly owns 71,657 shares of the company's stock, valued at approximately $6,814,580.70. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,851 shares of company stock valued at $4,984,696. 4.21% of the stock is owned by insiders.

Blueprint Medicines Price Performance

Shares of Blueprint Medicines stock traded down $4.64 during trading on Friday, reaching $104.98. The company's stock had a trading volume of 1,249,125 shares, compared to its average volume of 950,529. The business has a 50 day moving average price of $99.28 and a 200-day moving average price of $94.99. The company has a market capitalization of $6.67 billion, a P/E ratio of -49.75 and a beta of 0.62. Blueprint Medicines Co. has a 12-month low of $72.24 and a 12-month high of $121.90. 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 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.