Raymond James Increases Blueprint Medicines (NASDAQ:BPMC) Price Target to $106.00

Blueprint Medicines (NASDAQ:BPMC) had its price objective increased by equities researchers at Raymond James from $95.00 to $106.00 in a report issued on Tuesday, The Fly reports. The brokerage currently has a “strong-buy” rating on the biotechnology company’s stock. Raymond James’ price target suggests a potential upside of 32.55% from the stock’s previous close.

A number of other analysts have also recently weighed in on BPMC. ValuEngine cut Blueprint Medicines from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 1st. Wedbush reissued an “outperform” rating on shares of Blueprint Medicines in a research report on Tuesday, March 24th. Barclays began coverage on Blueprint Medicines in a research report on Monday, May 4th. They set an “equal weight” rating and a $59.00 price objective for the company. Zacks Investment Research cut Blueprint Medicines from a “buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a research report on Friday, May 22nd. Finally, JMP Securities cut their price objective on Blueprint Medicines from $107.00 to $103.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 29th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $96.08.

Shares of NASDAQ:BPMC opened at $79.97 on Tuesday. Blueprint Medicines has a fifty-two week low of $43.29 and a fifty-two week high of $102.98. The business has a 50-day moving average of $74.45 and a two-hundred day moving average of $67.57. The company has a quick ratio of 7.14, a current ratio of 7.17 and a debt-to-equity ratio of 0.13.

Blueprint Medicines (NASDAQ:BPMC) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported ($2.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.08) by ($0.03). Blueprint Medicines had a negative return on equity of 65.81% and a negative net margin of 515.98%. The company had revenue of $6.20 million during the quarter, compared to analyst estimates of $5.57 million. During the same period in the prior year, the firm earned ($1.98) EPS. Blueprint Medicines’s quarterly revenue was up 749.3% on a year-over-year basis. On average, equities analysts predict that Blueprint Medicines will post -8.4 EPS for the current fiscal year.

In related news, Director Nicholas Lydon sold 13,017 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $80.29, for a total transaction of $1,045,134.93. Following the sale, the director now directly owns 89,039 shares in the company, valued at approximately $7,148,941.31. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Debra Durso-Bumpus sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $75.18, for a total value of $187,950.00. Following the sale, the insider now owns 22,005 shares in the company, valued at $1,654,335.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,349 shares of company stock worth $5,001,908. 3.81% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of BPMC. Great West Life Assurance Co. Can lifted its holdings in Blueprint Medicines by 9.5% during the 4th quarter. Great West Life Assurance Co. Can now owns 3,295 shares of the biotechnology company’s stock worth $262,000 after buying an additional 286 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Blueprint Medicines by 649.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 20,824 shares of the biotechnology company’s stock worth $1,668,000 after buying an additional 18,046 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Blueprint Medicines by 177.3% in the 4th quarter. Raymond James & Associates now owns 24,314 shares of the biotechnology company’s stock valued at $1,948,000 after purchasing an additional 15,546 shares during the period. Credit Suisse AG lifted its stake in shares of Blueprint Medicines by 267.7% in the 4th quarter. Credit Suisse AG now owns 139,772 shares of the biotechnology company’s stock valued at $11,198,000 after purchasing an additional 101,758 shares during the period. Finally, NumerixS Investment Technologies Inc bought a new stake in shares of Blueprint Medicines in the 4th quarter valued at $46,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

Blueprint Medicines Company Profile

Blueprint Medicines Corporation develops drugs of small molecule kinase inhibitors that target genomic drivers in various cancers and a rare genetic disease. Its lead drug candidates include avapritinib, which completed Phase I clinical trials that targets PDGFRA Exon 18 mutant GIST and KIT-driven GIST; and BLU-554, which is in Phase I clinical trials an orally available, potent, and irreversible inhibitor of the kinase FGFR4 that is activated in a defined subset of patients with hepatocellular carcinoma.

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Analyst Recommendations for Blueprint Medicines (NASDAQ:BPMC)

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