Blueprint Medicines (NASDAQ:BPMC) Raised to “Market Perform” at Leerink Partnrs

Leerink Partnrs upgraded shares of Blueprint Medicines (NASDAQ:BPMC) from an underperform rating to a market perform rating in a research note published on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for Blueprint Medicines’ Q2 2024 earnings at ($1.10) EPS, Q3 2024 earnings at ($0.87) EPS, Q4 2024 earnings at ($0.57) EPS, FY2024 earnings at ($3.82) EPS, FY2025 earnings at $1.71 EPS, FY2026 earnings at $4.42 EPS and FY2027 earnings at $5.34 EPS.

BPMC has been the topic of several other reports. SVB Leerink upgraded shares of Blueprint Medicines from an underperform rating to a market perform rating and lifted their target price for the stock from $50.00 to $97.00 in a research report on Monday. Piper Sandler boosted their price objective on shares of Blueprint Medicines from $78.00 to $104.00 and gave the stock a neutral rating in a research note on Friday, May 3rd. HC Wainwright raised their target price on Blueprint Medicines from $125.00 to $135.00 and gave the stock a buy rating in a research report on Friday, May 3rd. StockNews.com upgraded Blueprint Medicines from a sell rating to a hold rating in a research report on Friday, May 3rd. Finally, Needham & Company LLC reissued a buy rating and issued a $97.00 price target on shares of Blueprint Medicines in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $100.31.

Blueprint Medicines Stock Up 0.2 %

Shares of NASDAQ:BPMC opened at $108.78 on Monday. Blueprint Medicines has a 52-week low of $43.89 and a 52-week high of $110.93. The company has a market capitalization of $6.66 billion, a PE ratio of -22.62 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.61 and a current ratio of 3.76. The company has a fifty day moving average of $92.44 and a 200-day moving average of $82.00.

Blueprint Medicines (NASDAQ:BPMC) last posted its earnings results on Thursday, February 15th. The biotechnology company reported ($1.82) EPS for the quarter, beating the consensus estimate of ($2.04) by $0.22. The firm had revenue of $71.96 million during the quarter, compared to the consensus estimate of $67.34 million. Blueprint Medicines had a negative return on equity of 193.48% and a negative net margin of 102.15%. The business’s quarterly revenue was up 85.5% on a year-over-year basis. During the same period last year, the company earned ($2.65) earnings per share. On average, equities analysts predict that Blueprint Medicines will post -5.38 EPS for the current fiscal year.

Insider Buying and Selling at Blueprint Medicines

In other news, insider Christopher K. Murray sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the insider now owns 24,495 shares of the company’s stock, valued at approximately $2,449,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Christopher K. Murray sold 5,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 24,495 shares in the company, valued at $2,449,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher K. Murray sold 621 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $93.65, for a total value of $58,156.65. Following the completion of the sale, the insider now owns 36,374 shares of the company’s stock, valued at $3,406,425.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,123 shares of company stock valued at $9,554,679. 3.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blueprint Medicines

A number of institutional investors have recently modified their holdings of BPMC. Norges Bank bought a new stake in Blueprint Medicines during the 4th quarter valued at $55,893,000. Polar Capital Holdings Plc increased its position in shares of Blueprint Medicines by 108.0% during the third quarter. Polar Capital Holdings Plc now owns 1,040,000 shares of the biotechnology company’s stock worth $52,229,000 after acquiring an additional 540,000 shares in the last quarter. Rock Springs Capital Management LP increased its position in shares of Blueprint Medicines by 22.8% during the third quarter. Rock Springs Capital Management LP now owns 2,685,294 shares of the biotechnology company’s stock worth $134,855,000 after acquiring an additional 498,622 shares in the last quarter. Avidity Partners Management LP raised its holdings in shares of Blueprint Medicines by 81.1% in the 3rd quarter. Avidity Partners Management LP now owns 751,600 shares of the biotechnology company’s stock worth $37,745,000 after acquiring an additional 336,600 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Blueprint Medicines by 2,788.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 269,658 shares of the biotechnology company’s stock valued at $24,873,000 after acquiring an additional 260,321 shares in the last quarter.

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.