Needham & Company LLC Reiterates “Buy” Rating for Blueprint Medicines (NASDAQ:BPMC)

Blueprint Medicines (NASDAQ:BPMC)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $133.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 51.98% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. Oppenheimer lifted their price objective on shares of Blueprint Medicines from $114.00 to $125.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. UBS Group assumed 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 raised their target price on shares of Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Barclays raised their target price on shares of Blueprint Medicines from $75.00 to $105.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Morgan Stanley raised their target price on shares of Blueprint Medicines from $110.00 to $115.00 and gave the company an “equal weight” rating in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Blueprint Medicines currently has an average rating of “Moderate Buy” and an average target price of $120.39.

Blueprint Medicines Price Performance

NASDAQ BPMC opened at $87.51 on Wednesday. Blueprint Medicines has a 12 month low of $53.73 and a 12 month high of $121.90. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of -18.19 and a beta of 0.58. The company’s 50 day moving average is $88.86 and its two-hundred day moving average is $98.35. The company has a current ratio of 3.71, a quick ratio of 3.65 and a debt-to-equity ratio of 1.06.

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. The firm had revenue of $128.20 million for the quarter, compared to analysts’ expectations of $127.56 million. Blueprint Medicines had a negative net margin of 56.64% and a negative return on equity of 157.30%. The company’s revenue for the quarter was up 126.5% compared to the same quarter last year. During the same quarter last year, the business posted ($2.20) earnings per share. As a group, research analysts anticipate that Blueprint Medicines will post -3.99 earnings per share for the current year.

Insider Transactions at Blueprint Medicines

In other 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 sale, the insider now directly owns 69,070 shares in the company, valued at approximately $6,169,332.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other 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 sale, the insider now directly owns 69,070 shares in the company, valued at approximately $6,169,332.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Philina Lee sold 41,913 shares of Blueprint Medicines stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $93.19, for a total value of $3,905,872.47. Following the completion of the sale, the insider now owns 34,729 shares of the company’s stock, valued at $3,236,395.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Several institutional investors and hedge funds have recently made changes to their positions in BPMC. Triad Wealth Partners LLC bought a new position in Blueprint Medicines in the second quarter worth about $27,000. Covestor Ltd raised its holdings in Blueprint Medicines by 9,700.0% in the first quarter. Covestor Ltd now owns 294 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 291 shares in the last quarter. Headlands Technologies LLC raised its holdings in Blueprint Medicines by 105.2% in the first quarter. Headlands Technologies LLC now owns 667 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 342 shares in the last quarter. Natixis bought a new position in Blueprint Medicines in the first quarter worth about $73,000. Finally, CWM LLC raised its holdings in Blueprint Medicines by 114.6% in the second quarter. CWM LLC now owns 1,105 shares of the biotechnology company’s stock worth $119,000 after purchasing an additional 590 shares in the last quarter.

Blueprint Medicines Company Profile

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.