Norges Bank Invests $62.03 Million in Blueprint Medicines Co. (NASDAQ:BPMC)

Norges Bank acquired a new position in shares of Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 711,164 shares of the biotechnology company's stock, valued at approximately $62,028,000. Norges Bank owned about 1.12% of Blueprint Medicines as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in Blueprint Medicines by 22.5% during the third quarter. Wellington Management Group LLP now owns 3,964,610 shares of the biotechnology company's stock worth $366,726,000 after acquiring an additional 729,055 shares during the period. State Street Corp grew its position in Blueprint Medicines by 16.2% in the third 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. Jennison Associates LLC acquired a new stake in shares of Blueprint Medicines during the 4th quarter worth about $31,417,000. William Blair Investment Management LLC raised its stake in shares of Blueprint Medicines by 16.1% in the fourth quarter. William Blair Investment Management LLC now owns 1,944,695 shares of the biotechnology company's stock valued at $169,616,000 after acquiring an additional 269,896 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Blueprint Medicines in the 4th quarter valued at $21,104,000.

Insider Activity

In other Blueprint Medicines news, insider Ariel Hurley sold 2,250 shares of the business's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $100.00, for a total value of $225,000.00. Following the sale, the insider now owns 14,967 shares in the company, valued at approximately $1,496,700. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Christina Rossi sold 2,274 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $95.02, for a total transaction of $216,075.48. Following the transaction, the chief operating officer now directly owns 69,266 shares of the company's stock, valued at $6,581,655.32. This represents a 3.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,608 shares of company stock worth $3,319,587 over the last three months. Corporate insiders own 4.21% of the company's stock.

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Blueprint Medicines Stock Down 1.2 %

NASDAQ BPMC traded down $0.98 during trading hours on Tuesday, reaching $79.22. 1,308,917 shares of the company's stock were exchanged, compared to its average volume of 751,012. The company has a debt-to-equity ratio of 1.15, a quick ratio of 2.80 and a current ratio of 2.85. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -73.35 and a beta of 0.75. The company's 50-day moving average is $93.44 and its two-hundred day moving average is $93.76. Blueprint Medicines Co. has a one year low of $76.50 and a one year high of $121.90.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.11). Blueprint Medicines had a negative return on equity of 77.49% and a negative net margin of 13.19%. On average, analysts forecast that Blueprint Medicines Co. will post -1.28 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BPMC shares. Wedbush restated an "outperform" rating and issued a $128.00 price objective on shares of Blueprint Medicines in a research report on Friday, February 28th. Piper Sandler raised their price target on shares of Blueprint Medicines from $109.00 to $119.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $133.00 price objective on shares of Blueprint Medicines in a report on Tuesday. HC Wainwright reiterated a "buy" rating and issued a $135.00 price objective on shares of Blueprint Medicines in a research report on Friday, February 14th. Finally, StockNews.com downgraded Blueprint Medicines from a "hold" rating to a "sell" rating in a research report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Blueprint Medicines has an average rating of "Moderate Buy" and an average target price of $124.95.

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.