JPMorgan Chase & Co. Initiates Coverage on Blueprint Medicines (NASDAQ:BPMC)

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

Several other analysts have also recently weighed in on BPMC. Guggenheim lifted their price objective on Blueprint Medicines from $130.00 to $138.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. UBS Group initiated coverage on Blueprint Medicines in a research note on Thursday, October 24th. They issued a “neutral” rating and a $88.00 price target on the stock. Wells Fargo & Company lowered their price objective on Blueprint Medicines from $153.00 to $151.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $133.00 price objective on shares of Blueprint Medicines in a report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Blueprint Medicines from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.11.

Blueprint Medicines Stock Performance

Shares of BPMC traded down $6.58 during trading hours on Thursday, hitting $89.07. The company’s stock had a trading volume of 695,299 shares, 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 business has a 50 day simple moving average of $89.55 and a two-hundred day simple moving average of $98.89. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.32 and a quick ratio of 3.27. The company has a market cap of $5.66 billion, a price-to-earnings ratio of -42.28 and a beta of 0.59.

Blueprint Medicines (NASDAQ:BPMC) last issued its quarterly earnings results on Wednesday, October 30th. 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 29.48% and a negative return on equity of 112.30%. The business had revenue of $128.20 million for the quarter, compared to analysts’ expectations of $127.56 million. During the same period last year, the business earned ($2.20) earnings per share. The business’s quarterly revenue was up 126.5% on a year-over-year basis. On average, equities analysts expect that Blueprint Medicines will post -3.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Fouad Namouni sold 3,633 shares of Blueprint Medicines stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $89.32, for a total value 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. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.21% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its position in Blueprint Medicines by 5.3% in the 2nd quarter. Amalgamated Bank now owns 2,154 shares of the biotechnology company’s stock valued at $232,000 after buying an additional 109 shares during the period. Van ECK Associates Corp increased its holdings in Blueprint Medicines by 13.3% during the 2nd quarter. Van ECK Associates Corp now owns 1,116 shares of the biotechnology company’s stock worth $120,000 after purchasing an additional 131 shares during the period. EFG Asset Management North America Corp. raised its position in Blueprint Medicines by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 27,884 shares of the biotechnology company’s stock valued at $3,008,000 after purchasing an additional 132 shares in the last quarter. Pallas Capital Advisors LLC boosted its stake in shares of Blueprint Medicines by 3.2% in the 3rd quarter. Pallas Capital Advisors LLC now owns 5,657 shares of the biotechnology company’s stock valued at $523,000 after buying an additional 176 shares during the period. Finally, US Bancorp DE grew its position in shares of Blueprint Medicines by 5.2% during the first quarter. US Bancorp DE now owns 3,724 shares of the biotechnology company’s stock worth $353,000 after buying an additional 183 shares in the last quarter.

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.