Needham & Company LLC Reaffirms "Buy" Rating for Blueprint Medicines (NASDAQ:BPMC)

Needham & Company LLC reaffirmed their buy rating on shares of Blueprint Medicines (NASDAQ:BPMC - Free Report) in a research note released on Wednesday, Benzinga reports. They currently have a $133.00 price target on the biotechnology company's stock.

BPMC has been the subject of a number of other research reports. Guggenheim lifted their price objective on Blueprint Medicines from $130.00 to $138.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Oppenheimer lifted their price objective on Blueprint Medicines from $114.00 to $125.00 and gave the company an "outperform" rating in a research note on Monday, July 8th. UBS Group initiated coverage on Blueprint Medicines in a research note on Thursday, October 24th. They set a "neutral" rating and a $88.00 price objective for the company. Morgan Stanley lifted their price target on Blueprint Medicines from $110.00 to $115.00 and gave the company an "equal weight" rating in a research note on Friday, July 12th. Finally, Barclays lifted their price target on Blueprint Medicines from $75.00 to $105.00 and gave the company an "equal weight" rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $118.39.

Blueprint Medicines Stock Performance

BPMC traded up $5.84 on Wednesday, reaching $89.24. 1,913,953 shares of the stock were exchanged, compared to its average volume of 694,392. The company's 50-day moving average price is $88.98 and its 200 day moving average price is $98.43. Blueprint Medicines has a fifty-two week low of $53.73 and a fifty-two week high of $121.90. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.71 and a quick ratio of 3.65. The firm has a market capitalization of $5.59 billion, a PE ratio of -18.55 and a beta of 0.58.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.80) EPS for the quarter, topping analysts' consensus estimates of ($1.29) by $0.49. Blueprint Medicines had a negative return on equity of 157.30% and a negative net margin of 56.64%. The company had revenue of $138.20 million during the quarter, compared to analysts' expectations of $104.02 million. During the same quarter in the previous year, the firm posted ($2.19) EPS. The firm's revenue was up 139.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Blueprint Medicines will post -3.99 EPS for the current fiscal year.

Insider Activity at Blueprint Medicines

In related 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 value of $324,499.56. Following the transaction, the insider now directly owns 69,070 shares in the company, valued at approximately $6,169,332.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Blueprint Medicines news, insider Philina Lee sold 41,913 shares of the business's stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $93.19, for a total value of $3,905,872.47. Following the sale, the insider now owns 34,729 shares of the company's stock, valued at $3,236,395.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Fouad Namouni sold 3,633 shares of the business's stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total value of $324,499.56. Following the completion of the sale, the insider now directly owns 69,070 shares in the company, valued at approximately $6,169,332.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 4.21% of the stock is currently owned by insiders.

Institutional Trading of Blueprint Medicines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of Blueprint Medicines by 331.9% during the first quarter. Principal Financial Group Inc. now owns 62,670 shares of the biotechnology company's stock worth $5,945,000 after acquiring an additional 48,160 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Blueprint Medicines during the first quarter worth $474,000. Hsbc Holdings PLC purchased a new stake in shares of Blueprint Medicines during the second quarter worth $1,060,000. Comerica Bank increased its position in shares of Blueprint Medicines by 2,582.9% during the first quarter. Comerica Bank now owns 10,839 shares of the biotechnology company's stock worth $1,028,000 after acquiring an additional 10,435 shares during the period. Finally, Federated Hermes Inc. increased its position in shares of Blueprint Medicines by 27.8% during 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.

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.