Blueprint Medicines (NASDAQ:BPMC) Shares Gap Up Following Earnings Beat

Blueprint Medicines Co. (NASDAQ:BPMC) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $83.40, but opened at $90.92. Blueprint Medicines shares last traded at $93.69, with a volume of 407,216 shares trading hands.

The biotechnology company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($0.97) by $0.08. Blueprint Medicines had a negative net margin of 56.64% and a negative return on equity of 157.30%. The business had revenue of $128.20 million during 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. The firm’s revenue for the quarter was up 126.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

BPMC has been the topic of a number of research reports. UBS Group began coverage on Blueprint Medicines in a research report on Thursday, October 24th. They set a “neutral” rating and a $88.00 price objective on the stock. Barclays boosted their price target 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. Baird R W raised shares of Blueprint Medicines to a “strong-buy” rating in a report on Friday, August 2nd. StockNews.com cut shares of Blueprint Medicines from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Guggenheim raised their price target on shares of Blueprint Medicines from $130.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.39.

Insiders Place Their Bets

In other news, insider Fouad Namouni sold 3,633 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total transaction of $324,499.56. Following the sale, the insider now directly owns 69,070 shares of the company’s stock, valued at $6,169,332.40. This 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 is available through this link. In other news, insider Philina Lee sold 41,913 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $93.19, for a total transaction of $3,905,872.47. Following the completion of the sale, the insider now owns 34,729 shares in the company, valued at $3,236,395.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fouad Namouni sold 3,633 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $89.32, for a total value of $324,499.56. Following the transaction, the insider now directly owns 69,070 shares in the company, valued at $6,169,332.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.21% of the company’s stock.

Institutional Trading of Blueprint Medicines

Several institutional investors and hedge funds have recently added to or reduced their stakes in BPMC. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Blueprint Medicines during the 1st quarter worth approximately $474,000. Hsbc Holdings PLC bought a new stake in shares of Blueprint Medicines during the 2nd quarter valued at $1,060,000. Comerica Bank lifted its stake in shares of Blueprint Medicines by 2,582.9% in the 1st quarter. Comerica Bank now owns 10,839 shares of the biotechnology company’s stock valued at $1,028,000 after purchasing an additional 10,435 shares during the period. Federated Hermes Inc. boosted its position in shares of Blueprint Medicines by 27.8% in the 2nd quarter. Federated Hermes Inc. now owns 62,354 shares of the biotechnology company’s stock worth $6,721,000 after purchasing an additional 13,579 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Blueprint Medicines by 82.8% during the second quarter. SG Americas Securities LLC now owns 21,684 shares of the biotechnology company’s stock worth $2,337,000 after purchasing an additional 9,819 shares during the period.

Blueprint Medicines Stock Down 1.9 %

The business has a fifty day moving average of $88.86 and a 200 day moving average of $98.35. The company has a quick ratio of 3.65, a current ratio of 3.71 and a debt-to-equity ratio of 1.06. The firm has a market cap of $5.48 billion, a P/E ratio of -18.19 and a beta of 0.58.

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.