Blueprint Medicines (NASDAQ:BPMC) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Blueprint Medicines (NASDAQ:BPMC) in a report published on Thursday morning, Marketbeat reports. The brokerage issued an overweight rating and a $126.00 price objective on the biotechnology company’s stock.

BPMC has been the subject of several other reports. UBS Group began coverage on shares of Blueprint Medicines in a report on Thursday, October 24th. They issued a “neutral” rating and a $88.00 target price for the company. 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. Barclays increased their price objective on Blueprint Medicines from $75.00 to $105.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. StockNews.com upgraded Blueprint Medicines from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company cut their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.11.

Blueprint Medicines Stock Performance

NASDAQ:BPMC traded down $6.58 during trading hours on Thursday, reaching $89.07. 695,299 shares of the stock were exchanged, compared to its average volume of 691,557. Blueprint Medicines has a 52 week low of $62.56 and a 52 week high of $121.90. The company has a quick ratio of 3.27, a current ratio of 3.32 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $5.66 billion, a P/E ratio of -42.28 and a beta of 0.59. The firm has a 50 day simple moving average of $89.55 and a 200-day simple moving average of $98.89.

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

Insider Transactions at Blueprint Medicines

In other Blueprint Medicines news, insider Fouad Namouni sold 3,633 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 69,070 shares of the company’s stock, valued at $6,169,332.40. The trade was a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Blueprint Medicines

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its stake in Blueprint Medicines by 15.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,250,823 shares of the biotechnology company’s stock valued at $592,954,000 after purchasing an additional 821,868 shares during the period. Millennium Management LLC raised its stake in Blueprint Medicines by 540.0% in the 2nd quarter. Millennium Management LLC now owns 627,626 shares of the biotechnology company’s stock worth $67,646,000 after purchasing an additional 529,566 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Blueprint Medicines by 200,159.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 502,651 shares of the biotechnology company’s stock worth $54,176,000 after purchasing an additional 502,400 shares in the last quarter. State Street Corp increased its holdings in shares of Blueprint Medicines by 16.2% during the third quarter. State Street Corp now owns 2,765,702 shares of the biotechnology company’s stock worth $255,827,000 after purchasing an additional 385,818 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Blueprint Medicines by 161.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 496,087 shares of the biotechnology company’s stock valued at $45,888,000 after acquiring an additional 306,079 shares during the period.

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.