Wedbush Reaffirms Outperform Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a note issued to investors on Thursday,RTT News reports. They currently have a $135.00 target price on the biotechnology company’s stock. Wedbush’s price target would indicate a potential upside of 41.14% from the stock’s current price.

Other research analysts also recently issued research reports about the company. UBS Group assumed coverage on Blueprint Medicines in a research note on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $135.00 target price on shares of Blueprint Medicines in a report on Thursday, October 31st. Wells Fargo & Company reduced their target price on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Guggenheim upped their target price on Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Robert W. Baird upped their target price on Blueprint Medicines from $112.00 to $127.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $122.00.

Blueprint Medicines Trading Down 1.3 %

Shares of Blueprint Medicines stock traded down $1.23 on Thursday, hitting $95.65. The stock had a trading volume of 471,836 shares, compared to its average volume of 691,540. The stock has a 50 day moving average of $89.46 and a 200 day moving average of $98.91. Blueprint Medicines has a twelve month low of $62.56 and a twelve month high of $121.90. The company has a debt-to-equity ratio of 1.09, a quick ratio of 3.27 and a current ratio of 3.32. The firm has a market capitalization of $6.08 billion, a P/E ratio of -45.33 and a beta of 0.59.

Blueprint Medicines (NASDAQ:BPMC) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.97) by $0.08. Blueprint Medicines had a negative return on equity of 112.30% and a negative net margin of 29.48%. The company had revenue of $128.20 million during the quarter, compared to the consensus estimate of $127.56 million. During the same quarter in the prior year, the firm posted ($2.20) earnings per share. The firm’s revenue was up 126.5% compared to the same quarter last year. Sell-side analysts expect that Blueprint Medicines will post -3.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Fouad Namouni sold 3,633 shares of Blueprint Medicines stock in a transaction dated Thursday, October 3rd. The stock was 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 owns 69,070 shares of the company’s stock, valued at approximately $6,169,332.40. This trade represents a 5.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Triad Wealth Partners LLC bought a new position in Blueprint Medicines in the 2nd quarter worth about $27,000. Covestor Ltd boosted its stake in Blueprint Medicines by 9,700.0% in the 1st quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 291 shares during the period. Headlands Technologies LLC boosted its stake in Blueprint Medicines by 105.2% in the 1st quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 342 shares during the period. Natixis bought a new position in Blueprint Medicines in the 1st quarter worth about $73,000. Finally, Quantbot Technologies LP bought a new position in Blueprint Medicines in the 3rd quarter worth about $108,000.

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.