Readystate Asset Management LP Purchases Shares of 56,500 Blueprint Medicines Co. (NASDAQ:BPMC)

Readystate Asset Management LP bought a new position in shares of Blueprint Medicines Co. (NASDAQ:BPMC - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 56,500 shares of the biotechnology company's stock, valued at approximately $5,226,000. Readystate Asset Management LP owned 0.09% of Blueprint Medicines at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of BPMC. Hsbc Holdings PLC acquired a new position in Blueprint Medicines during the 2nd quarter worth about $1,060,000. Comerica Bank lifted its stake in Blueprint Medicines by 2,582.9% during the 1st 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 in the last quarter. Federated Hermes Inc. lifted its stake in Blueprint Medicines by 27.8% during the 2nd 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 in the last quarter. SG Americas Securities LLC lifted its stake in Blueprint Medicines by 82.8% during the 2nd quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company's stock worth $2,337,000 after acquiring an additional 9,819 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Blueprint Medicines by 48.8% during 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BPMC shares. HC Wainwright reaffirmed a "buy" rating and issued a $135.00 price target on shares of Blueprint Medicines in a research report on Friday, November 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $135.00 price target on shares of Blueprint Medicines in a research report on Friday, November 15th. StockNews.com raised Blueprint Medicines from a "sell" rating to a "hold" rating in a research report on Friday, November 8th. 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. Finally, Wedbush reaffirmed an "outperform" rating and issued a $135.00 price target on shares of Blueprint Medicines in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.11.

Insider Activity

In related news, insider Fouad Namouni sold 3,633 shares of Blueprint Medicines stock in a transaction 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 transaction, the insider now directly owns 69,070 shares of the company's stock, valued at approximately $6,169,332.40. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Kate Haviland sold 2,353 shares of Blueprint Medicines 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 transaction, the chief executive officer now directly owns 150,824 shares of the company's stock, valued at approximately $14,569,598.40. This represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,260 shares of company stock valued at $768,057 in the last three months. 4.21% of the stock is currently owned by company insiders.

Blueprint Medicines Stock Performance

Shares of BPMC stock traded down $2.24 during midday trading on Thursday, hitting $94.28. The company had a trading volume of 102,299 shares, compared to its average volume of 685,082. The company's 50 day simple moving average is $91.43 and its 200 day simple moving average is $97.91. Blueprint Medicines Co. has a 52-week low of $70.89 and a 52-week high of $121.90. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of -45.74 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.32 and a quick ratio of 3.27.

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 the consensus estimate of ($0.97) by $0.08. The company had revenue of $128.20 million for the quarter, compared to the consensus estimate of $127.56 million. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The company's revenue was up 126.5% on a year-over-year basis. During the same period last year, the business posted ($2.20) EPS. Research analysts anticipate that Blueprint Medicines Co. will post -3.68 earnings per share for the current fiscal year.

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.